Saskatoon real estate week in review: June 15-21, 2014

It was another very solid week for Saskatoon real estate sales with agents reporting 120 firm house and condominium transactions to the local MLS®. That represents an increase of eight sales compared against the previous week. Following eight consecutive weeks of annual sales volume increases, this weeks sales fell short of numbers recorded for the same week last year by one.

On the heels of a week that saw the largest number of new MLS® listingsin five years, far fewer homes were brought to the market. In fact, new listings fell to their lowest level in eight weeks as Saskatoon real estate agents brought just 172 properties to the multiple listing service®, 83 fewer than were listed last week. That was enough though to trump new listings for the same week last year by nine properties. New listings have shown annual increases during 20 of the 25 weeks of 2014.

The number of active residential listings on the Saskatoon multiple listing service® decreased this past week falling by a dozen homes to settle at 1561, up from just 1305 at this time last year. The number of single-family homes that are available on the MLS® is 943 up from 774 a year ago. Condo inventory is currently at 495 up from 443 a year ago.

It was a good week for high end home sellers. Increased upper end activity saw the median sale price of a Saskatoon home spike higher to $373,500 while the average sale price reached a new annual high of nearly $390,000. Meanwhile, the six-week average price grew by almost 5K compared to last week as it reached $364,027 for an annual change of about thirteen thousand dollars. The four-week median price climbed even more growing by about ten thousand dollars over last week. It’s currently showing annual gains pushing thirty thousand dollars.

A decent handful of sellers had some good luck at the negotiating table this past week too. Nine of them managed to close a deal above their asking price as they pocketed an average overbid of $3,267 while another nine got all they were asking. Meanwhile, 102 Saskatoon home buyers managed to grind a bit of a deal netting themselves an average discount of $9,440.

Other notable activity through the Saskatoon multiple listing service® included 70 cancelled and withdrawn listings, 10 expired listings and 91 price changes.

Highlights from the news this week

How rising home prices are breeding a new form of inequality - Globe and Mail
Average house price in Canada rose 7.1% to $416,484 in May - CBC News
Canadian home sales spring to life in May surging 4.8 percent - Globe and Mail
Monster May for housing sales doesn’t mean market won’t slow - Financial Post
We’re richer than ever and scaling back on mortgage debt - Globe and Mail
Private lenders step in to fill void left by banks- The Star

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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