Saskatoon real estate sales remained sluggish as we closed the second week of sales at our local MLS®. Real estate agents reported just 33 firm residential sales this week, up seven from last week, and falling below sales recorded for the same week last year when a sold sign went up on 44 Saskatoon homes. The time that local agents didn’t spend working on sales was easily swallowed up processing new listings.
It would appear that many of the 132 home listings that reached the end of their terms and expired during the final week of December came back to the market this week as agents brought 194 newly signed listing agreements to the Saskatoon MLS®, numbers more typical of spring than the dead of winter. New listings increased by 143 units on a weekly basis to finish ahead of the same week a year ago by 28. The total inventory of active residential listings shot higher and reached a new January high of 1252 by the close of business yesterday to take a weekly gain of 88. That was enough to finish ahead of levels recorded on this date last year by 161 homes for a 15 percent annual increase. If you’ve been following this review for long, you may recall that at the start of 2014, active Saskatoon real estate listings were up nearly 15 percent from the previous year, and stayed at elevated levels through the year. The current inventory number puts us roughly 25 percent above the five-year average (1,011) for this time of year. A closer look by housing category shows 735 single-family homes being available to buyers, up from 665 a year ago.
Additionally, there are 397 active condominium listings, up from 337 at this time last year. After falling to its lowest point in over a year last week, the average price of a Saskatoon home bounced out of a deep hole to reach $378,366. The weekly median price also recorded strong gains as more upper end buyers made an appearance and pushed it up to $339,000. Meanwhile, the six-week average price climbed a few thousand dollars from last week to close at $348,162 recording an annual increase of seven thousand dollars.
The four-week median price took similar weekly gains growing twenty-six hundred dollars to $339,000 to claim an annual increase of more than fifteen thousand dollars. In spite of lacklustre sales, a few sellers definitely found the sweet spot which yielded five above list price sales with an average overbid of $13,937. Another 23 Saskatoon real estate sales closed below the asking price with the seller giving up $14,439 on average.The remaining five sales closed with a full asking price offer. Other notable real estate activity this past week included 70 cancelled and withdrawn listings (67 and three respectively), 13 expired listings and 24 price changes.
A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.
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 Vidorra