Saskatoon real estate week in review: February 8-14, 2015

Saskatoon real estate week in review: February 8-14, 2015
Saskatoon homes sales saw some upward movement on a weekly basis but continued to produce sales lower than last year’s numbers for the seventh consecutive week. Saskatoon real estate agents reported 63 firm residential deals to the local multiple listing service®, up seven from last week, to fall short of sales for the same period last yearby 15 homes.

The number of new listings added to the MLS® systemfell lower by 16 when compared against the previous week. A total of 160 homes entered the system this week, enough to finish ahead by 31 listings when compared against the the same week of 2014.

Softer sales and strong listing activity continued to push the total inventory of Saskatoon homes for sale on the multiple listing service® higher for the sixth week in a row. This week, the tally hit 1,500 for weekly growth of 31 and annual gains of nearly 300 properties. The inventory of available single-family homes grew from 710 a year ago to 830 today, a 17 percent year-over-year gain. Meanwhile, condo inventory pushed higher from 381 at this time last year to 510 today for an annual percentage increase of 34 percent, nearly twice that of single-family homes.

The balance between higher end sales and entry level sales remained steady from last week with a median sale price hanging firm at $338,000 while the average sale price of a Saskatoon home edged slightly lower losing about two thousand dollars from last week to close at $365,820. The longer term measures both inched higher with the six-week average sale price gaining about twenty-five hundred dollars over the course of the week to finish at $361,236 to claim an annual increase of a bit more than ten thousand dollars. The four-week median price of a Saskatoon home went to $338,000 for a gain of $1,750 on the week and an annual spike of about thirteen thousand dollars.

The number of homes to sell for more than the seller’s asking price reached its highest level in at least a couple of months with eight sales generating an average overbid of $20,952. This number is largely driven by new home sales reported well above asking price that almost certainly included extra improvements that were negotiated after the asking price had been set. On the other side of the negotiating table, 48 buyers ground a deal that netted them an average discount of $10,800. The remaining seven sales closed at the seller’s full asking price.

Other notable real estate activity this past week included 42 cancelled and withdrawn listings (40 and two respectively), 23 expired listings and 42 price changes.

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Norm Fisher

Royal LePage Vidorra

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