Saskatoon real estate week in review: January 18-24, 2015

The Saskatoon real estate market came alive this week and recorded sales closer to historical norms for the first time this year. Local agents reported a total of 46 residential sales, an increase of 18 units over the previous week and just three sales shy of numbers recorded during the same week a year ago.

New listingscontinued to flow onto the Saskatoon MLS® system at a pretty rapid pace. This week, a total of 181 new listings went up for sale, pretty much even with last week but well ahead of the same week last year when just 118 Saskatoon homes were added to the system.

Even a stronger sales week couldn’t prevent the total inventory of residential listing available from blasting higher. I say “blasting” because the chart is starting to look more like a missile launch than a typical active listings chart. The week came to a close with total MLS® listings sitting at 1433, up 97 homes from last week and ahead of the levels we saw at this time last year by 286 homes for an annual percentage increase of 25.

Condominium inventory grew from 352 last year to 481 today while single-family home listings went from 699 to 810 over the same period of time.

Higher end home sales drove the median price and the average sale price of a Saskatoon home higher to $361,200 and $393,518 respectively. The six-week average sale price edged higher growing by about three thousand dollars from last week to reach $351,130 to claim an annual gain of less that four thousand dollars. Meanwhile, the four-week median price hit $335,000 for a annual increase of a bit more than ten thousand dollars.

Sellers found a little more love this week in spite of tougher than normal conditions. Four of them landed an above list price sale with an average bonus of $5,280 being paid, proving that the right house at the right price can still cause some excitement. Another seven buyers made a full price offer to wrap up a deal while 35 of this week’s 46 sales went for less than the asking price with an average discount of $10,206.

Other notable real estate activity this past week included 36 cancelled and withdrawn listings (35 and one respectively), 17 expired listings and 33 price changes.

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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 Vidorra