Saskatoon real estate week in review: July 26 - August 1, 2015

Saskatoon real estate week in review: July 26 - August 1, 2015

Saskatoon real estate agents reported another brisk period of activity this week as residential sales hit 104 units, up from 99 the previous week, and falling just a bit short of last year’s numbers when 114 deals were done. A strong finish to the month of July pushed the total number of Saskatoon homes sold to 446 and produced the first month this year during which sales were up over the same month last year. In July of 2014, Saskatoon REALTORS® reported a total of 422 sales. Of course, a strong July follows six months of weaker sales. The losses experienced over those months leave us down on last year’s record sales. With seven months of sales in the history books this year, we’ve got 2,498 firm residential sales, down from 2,809 for the same period last year, and a bit below the five-year average which comes in at 2,604.

The number of new residential listings added to the MLS® over the past seven days fell to 177, down from 205 the previous week, and once again falling below levels recorded for the same period last year when 203 properties hit the multiple listing service®.

As is typical at the end of each month, listings that reached the end of their term without a sale drove the total number of Saskatoon homes for sale lower. Total active listings slipped below the 2,000 mark for the first time since early May. As of this morning, 1992 active residential listings can be found on the MLS®, down from 2046 a week ago, but up an annual basis by about 430 homes. A closer look at the major housing categories shows 1153 single-family homes bearing an active status, up 20 percent from 961 at this time last year. Condo inventory sits at 647, up 39 percent from 465 a year ago.

Prices remained fairly stable this week as the median sale price of a Saskatoon home increased by just a couple of thousand dollars to $345,500. The average took a little dip swinging lower by about 12K to $354,491. Meanwhile, the six-week average price edged slightly lower for the second week in a row to $361,411. That’s lower than it was at the close of last week by about four thousand dollars, but ahead of where it was a year ago by about a thousand bucks. The four-week median price edged higher for a weekly gain of eight thousand dollars. It closed the week at $347,500 for an annual loss of thirty-five hundred dollars.

Click the image for a larger version of the graph.

Overbid sales saw a bit of an uptick from the previous week as seven sellers made off with a modest bonus averaging $3,071. Across the table, 87 buyers managed to complete their purchase at a discounted price saving themselves $11,926 on average.  Another 10 deals closed at the seller’s asking price.

There were a small handful of homes sold at a deep discount off of the seller’s asking price. One sale in Nutana that had been priced at 900K was reported sold at $785,000 to mark the largest dollar drop. The largest percentage discount I see is on a small west side bungalow that was marketed at $200,000 and sold for $170,000 for a 15 percent discount.

Other notable real estate activity this past week included 75 cancelled and withdrawn listings (72 and three respectively), 69 expired listings and 82 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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