Saskatoon real estate week in review: June 8-14, 2014

Saskatoon real estate sales slipped lower this week falling by nine units compared to the previous week as 112 firm house and condos traded hands through the Saskatoon multiple listing service®. Total sales were up 11 when compared against the same week last yearmarking the eighth consecutive week in which annual unit sale gains were recorded.

The number of new MLS® listingsadded to the multiple listing service® reached a new five year high as Saskatoon real estate agents brought 253 house and condominium listings to the market this week. You’ll note later in this post that the number of cancelations is unusually high leading me to believe that many of these “new listings” are, in fact, price reductions disguised as new listings (cancel and re-list at a new price). Still, this week’s listing volume was up over last week by 27 properties and ahead of new listings for the same week in 2013 by 74 homes.

After a brief and small retreat, the total inventory of residential listings on the Saskatoon multiple listing service® changed course and climbed higher to reach its highest point since November 2008. By the close of the week, 1573 active listings could be found on the Saskatoon MLS®, up 44 from last week’s close and ahead of levels recorded at the same time a year ago by 223.

In spite of high inventory levels prices continued to demonstrate remarkable resiliency. The average sale price of a Saskatoon home came in at $362,331 and the median price was $350,000.  The six-week average price inched lower on the week dropping about twelve hundred dollars to $359,396 far a year-over-year increase of around nine thousand dollars. The four-week median moved in the other direction growing by five thousand dollars over last week to $339,950 to record annual growth of close to 16K.

The majority of sales recorded this week were processed at a price below the seller’s asking price. A total of 87 units showed a discount averaging $4,909. Another 11 Saskatoon homes closed at a price that was greater than the listing price by an average of $8,961. The remaining 14 deals were reported to have sold for the full price. Other notable activity through the Saskatoon multiple listing service® included 98 cancelled and withdrawn listings, 14 expired listings and 53 price changes.

Highlights from the news this week

Canadian home prices hit record in May - Globe and Mail
Economy improving but housing still a key risk - Vancouver Sun
Here comes the echo boomer to save the housing market - Star Phoenix
Loonie to lift Canada’s economy, housing to hinder - Globe and Mail
Rents in Estevan top those in Vancouver - Star Phoenix

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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