Saskatoon real estate week in review: January 24-30, 2016

Saskatoon real estate week in review: January 24-30, 2016

Saskatoon real estate sales continued to make marginal gains for the fifth week in a row, this week growing to 53 residential sales, up from 46 a week ago. For the first time in five weeks, sales failed to meet those recorded during the same period last year. In 2015, the final week of January saw 61 sales. The decline of seven this week appears to be just enough of a hit to close January down slightly from the same month a year ago. I see 175 firm deals for January 2016 versus 179 during that same month last year.

New listings for the week pushed higher once again climbing to 156, up 20 from last week, for a year-over-year increase of 16 homes,

Active Saskatoon real estate listings continued to edge higher, making very marginal gains. This week they grew from 1,611 to 1,624 to finish well above levels recorded during this week last year when 1,447 were showing an active status on the MLS® system. Available single-family homes sit at 884 units today, slightly higher than the 823 that could be found a year ago. Condo inventory continues to be the primary contributor to annual increases to the inventory. Today we have 585 units available, versus 482 at this time last year.

Just a slightly higher number of unit sales in the upper end range of the Saskatoon real estate market pushed the median sale price up this week to $354,900 even while the weekly average priced inched marginally lower to $353,547. The six-week average price took a pretty solid leap forward as it climbed to $353,598 from $346,182 last week. That was enough of an increase to claim an annual gain of roughly twenty-three hundred dollars. Finally, the four-week median price went to $338K, up from $331,500 at the close of the previous week for an annual increase of $1,750.

Overbid sales once again drew a blank as not a singe seller found themselves in that fortunate position of having more than one buyer wanting to outbid each other. Instead, 51 buyers got away from negotiations with an average discount amounting to $10,814. The remaining two settled at the seller’s full price.

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

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