Saskatoon real estate week in review: July 19-25, 2015

Saskatoon real estate week in review: July 19-25, 2015

Saskatoon real estate sales came in remarkably strong again showing year-over-year gains for the third consecutive week. This is the only time such a run has occurred this year. Local agents reported 99 firm residential deals to the Saskatoon multiple listing service® to match last week’s production, beating sales for the same week last year by 16 units. As we enter the final week of July, we are just 80 sales shy of the 422 unit sales recorded last July so it’s looking likely that July sales will actually exceed last year’s number for the first monthly increase this year.

New listings slowed, just a smidgen, as 205 properties were added to the MLS®, down six from last week to fall short of listings added over the same period last year when 209 Saskatoon homes were added to the system.

The total number of Saskatoon homes listed for sale on the multiple listing service® inched up after remaining fairly stable for three consecutive weeks. We closed the week with 2046 active listings, up from 2031 last week and well ahead of the 1573 properties that could be found on the system at the same time in 2014. Looking ahead, we can see 83 properties that are set to expire from the system in the coming week. If that actually happens (if they’re not renewed or extended) we may be able to report our first sub 2000 listing level since early May in next week’s update. Today there are 1172 single family homes available to home buyers, up from 984 a year ago. Condo inventory sits at 675 for an annual gain of 202 units.

The average sale price of a Saskatoon home made some gains again growing more than three thousand dollars to $366,634 thanks to a handful of sales at and above 600K, even as the median sale price slipped lower again to $343,000. The six-week average took a slight dip falling by about $600 from last week to $365,758. That’s up on an annual basis by about two thousand dollars. The four-week median price continued a softening trend dropping by more than seven thousand dollars this week to $339,400 to reach its lowest point since early May, closing down more than ten thousand dollars from where it stood at this time last year.

Five lucky sellers found themselves dealing with multiple offers and a buyer willing to pay more than list price. Those deals closed paying an average bonus of $14,790. On the flip side of the negotiation table, 84 Saskatoon home buyers convinced their seller to agree to a discount that averaged $11,533. The other ten sales closed at the seller’s asking price. The largest discounts I’m seeing this week are at about $65K on a couple of luxury type homes priced at $774,900 and $918,000. The largest discount as a percentage of the asking price appears to have been realized on an east-side bungalow priced at $349,900 that sold for $310,000. The strongest category for sellers is the $300,000 to $400,000 which shows an average discount of just $8,096.

Other notable real estate activity this past week included 93 cancelled and withdrawn listings (84 and nine respectively), 31 expired listings and 69 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

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