Saskatoon real estate week in review: July 27 - August 2, 2014

Saskatoon real estate week in review: July 27 - August 2, 2014
After falling below levels recorded last year for three consecutive weeks, Saskatoon real estate sales bounced away from those lows to produce one of the higher volume weeks that we’ve seen this year. Local agents reported 114 house and condo sales to the local multiple listing service® for the first tally that topped 100 in over a month. This week’s numbers are up 21 over the previous week and trump sales for the same period last yearby 16.

New listings slipped lower but remained at lofty levels as they have through most of the year. A total of 203 houses and condominium listings were added to the MLS® system this week, down six from last week and up 16 from the same week a year ago. This week’s high “cancellation” number of 75 listings suggests that a good chunk of these “new listings” were actually price reductions (cancel/re-list and hope buyers actually think it’s a new listing).

Inventory, which has climbed for three consecutive weeks and recently returned to its peak level for the 2014 calendar year, retreated and moved lower. At the close of the week 1562 residential properties could be found showing an active status on the Saskatoon multiple listing service®, a decrease of just nine from last week, and enough to record annual growth of nearly 250 homes. Taking a closer look at the two major categories of Saskatoon housing we can see that availability of single-family homes has increased significantly over the past year, growing from just 765 last year at this time to 961 today. Condo inventory has increased but by far less. Available units sit at 465 today, up from 440 a year ago.

The mix of sales across various price ranges remained fairly steady compared to the previous week. The median price of a Saskatoon home slipped slightly to $353,250 while the average price saw a bit of an increase to $372,449. Meanwhile, the longer term measures moved in opposite directions. The six-week average price of a Saskatoon home slipped lower by about three thousand dollars when compared against the previous week to $360,389 for an annual gain of thirteen thousand dollars. The four-week median moved higher on a weekly basis by just a thousand bucks to reach $351,000 for a year-over-year increase of 26K.

The majority of this week’s sales (100) were reported to have sold at a price below the seller’s chosen list price by an average discount of $9,552. Five lucky sellers made off with a full price offer while nine others found a buyer willing to offer even more. The average overbid on those nine deals was just $560.

Other notable real estate activity this past week included 116 cancelled and withdrawn listings (75 & 41), five expired listings and 64 price changes.

Highlights from the news this week

Five year mortgage rates holding firm, but just wait- Globe and Mail

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 Saskatoon Real Estate

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