Saskatoon real estate week in review: January 19-25, 2014

Sales over the past few weeks have been fairly normal for January. It is, after all, most typically the second slowest month of year. At this point of the month, we’re just slightly ahead of sales for the same month last year but we definitely need to see trades pick up in the coming week to finish where we did last year, with 221 sales. Saskatoon real estate agents brought in a few additional completed deals this week as volume grew to 49 from 41 last week, but that left us short of numbers recorded during the same week last yearwhen 54 Saskatoon homes traded. This week’s year-over-year decline ended what otherwise would have been the fourth consecutive week of annual gains.

Active listings grew again as they most often do at this time of the year. Local agents brought 119 new residential listings to the Saskatoon multiple listing service®, up from 112 last weekto fall short of the number of MLS® listing posted this week in 2012 by ten. That left the total number of residential listings available to buyers at 1147 for a weekly gain of 16 homes, up 154 from levels seen a year ago. Today’s MLS® inventory includes 699 single-family homes and 352 condominiums, up from 590 and 316 respectively at this time last year.

Far more activity at the lower end of Saskatoon’s real estate market brought the median sale price of a local home about $25,000 lower to $320,000. The average sale price headed lower as well, but not quite as much. It slipped just sixteen thousand to $355,528. The six-week median price saw its fourth consecutive weekly increase as it inched forward nearly two thousand dollars from the previous week to close at $347,552 claiming a fourteen thousand dollar increase from a year ago. The four-week median held pretty steady losing just five hundred dollars from last week’s numbers to finish the week at $324,500 for an annual increase of roughly sixty-five hundred dollars.

Once again, buyers held a strong hand at the negotiating table demanding a discount averaging $10,925 in 40 of 49 instances. Two lucky sellers made off with an above list offer averaging a $4,400 bonus while seven buyers agreed to pay full price.

Other notable MLS® activity this week included 40 cancelled and withdrawn listings, 14 expired listings and 30 price adjustments.

Highlights from the news this week

Builders blame low supply for drop in home sales - Globe and Mail
Here we go again with dropping mortgage rates - Financial Post
Why Canada’s cult of home ownership is in trouble- Globe and Mail

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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