Saskatoon real estate week in review: July 20-26, 2014

Saskatoon real estate sales continued to post numbers that fell below last year’s for the third consecutive week. Local agents reported a total of 83 house and condo sales, down seven from the previous week to fall short of sales generated during the same week a year ago by 15.

New listings, on the other hand, came in well above last week at 209 houses and condominiums to top last year’s numbers by 64 and reach what could be a record number for this particular week. Click the image for a larger version of the graph.

The inventory of residential listings posted for sale on the Saskatoon multiple listing service® pushed higher for the third week in a row reaching 1573 listings, the precise number that it peaked at the week of June 14. That marks a gain of 31 listings compared to the close of the previous week to leave us up on inventory recorded last year at this time by 264 homes. Most of those gains can be counted in the single-family homes category which has grown from 765 listings last year to 984 homes today. Condos are also up from where they sat a year ago but only marginally, from 455 to 473.

Market activity trended away from the entry level just a bit and the median sale price of a Saskatoon home edged higher to come in roughly 20K higher than it did last week at $355,000. The average price, buoyed by 11 sales exceeding $500,000 and one at close to 900, moved up handily to $364,640. Meanwhile, the longer term measures held pretty steady as the six-week average inched up just nine hundred dollars to $363,710 for an annual increase of less than ten thousand dollars. The four-week median price of a Saskatoon home stayed flat on a weekly basis at $350,000 even to finish ahead by 24K on an annual basis.

The number of homes that sold for more than list price fell by fifty percent to just three, but those sellers made off with a healthy bonus averaging $13,400. Another 13 buyers made a full price offer while 67 made off with a discount averaging $9,073.

Other notable real estate activity this past week included 81 cancelled and withdrawn listings, 6 expired listings and 54 price changes.

Highlights from the news this week

Is momentum shifting in Saskatoon’s real estate market? - Global News
Three reasons you should have sympathy for Canada’s housing doomsters- Financial Post

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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 Saskatoon Real Estate