Saskatoon real estate week in review: February 23 - March 1, 2014

Saskatoon real estate sales moved slightly higher increasing by just three sales from the previous week to a total of 70 properties. Still, numbers fell short of sales for the same week last yearby eight homes for just the second time this year.

New listingssurged higher than they were last week but cooler weather likely kept them from exceeding seasonal norms. Saskatoon real estate agents brought 135 new listings to the multiple listing service® this week, up 24 from last week and higher than totals recorded during the same period of 2013 by 15 homes.

MLS® inventory levels in the residential category continued to retreat and fell lower by 20 properties over the course of the week thanks in large part to month end expiries. By today, total active listings stood at 1183 units, still well up on last year’s numbers when home buyers had just 976 properties to choose from, but two consecutive week’s of declines have pointed them back in the direction of levels more typical for the time of year. If the trend continues for another week or two we may actually fall out of that “highest in five years” territory. Currently we have 688 single-family homes showing an active status, up from 599 at this time a year ago. Condo buyers have a selection of 390 properties, well ahead of the 297 condominiums that were available last year.

It was another decent week for high end real estate sales. The three highest priced homes to sell accounted for well over $2 million dollars in volume. In spite of that the average sale price and the median sale price of a Saskatoon home both edged lower to $359,176 and $344,000 respectively. Meanwhile, the four-week median price continued to come in at pretty lofty levels hitting $330,900 for a weekly gain of nearly five thousand dollars to claim a year-over-year increase of about thirty-four thousand dollars. The six-week average price slipped slightly lower this week to $352,870 for an annual increase approaching 20K.

Sellers looking for an overbid from an enthusiastic buyer were completely shut out this week. On the other hand, 56 buyers drove a hard bargain and earned a discount averaging $9,310. The other 14 sales from the week closed at the sellers’ asking price.

Other notable MLS® activity this week included 41 cancelled and withdrawn listings, 46 expired listings and 28 price adjustments.

Highlights from the news this week

Councillors trash Riversdale plan - Star Phoenix
Saskatchewan second in net household worth - Star Phoenix
Luxury market expected to feel the pinch - Globe and Mail
Real estate making us richer - Toronto Star
Canada’s housing starts fall twice as fast as expected - Financial Post
Housing slightly more affordable for Canadians: RBC - Globe and Mail
CMHC’s move to hike premiums prompts competitors to follow - Financial Post
Housing starts and prices to stabilize in 2014 as demand slows: CMHC- Financial Post

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I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate