Saskatoon real estate week in review: March 13-19, 2016

Saskatoon real estate week in review: March 13-19, 2016

Home sales slipped marginally on a weekly and an annual basis but were strong enough to give home sellers hope that a spring market is just around the corner. Saskatoon real estate agents reported 69 firm residential deals to the local MLS®. That’s a drop of three unit sales from last week, and also down three from the same period a year ago.

New listings grew a bit as 177 Saskatoon homes hit the multiple listing service® for a week-over-week increase of eight homes to fall well short of numbers generated during the same period last year when 204 new listings were added to the system.

Available MLS® inventory continued to grow, in spite of the decline in new listings, even during a week that saw 39 listings expire. Today we have 1866 Saskatoon homes showing as “active” on the multiple listing service®, up from 1832 a week ago for an annual increase of 158 homes, which is, by the way, the smallest year-over-year increase to the inventory in well over a year. Today, buyers have a selection of 971 single-family home available to them, up from 955 last week, for annual change of just 49 units. Condo inventory sits at 718, up 10 from a week ago, for an annual increase of 137 properties.

A very solid sales week for homes priced above $500K, including two sales in the $800,000’s and one at nearly $1.2 million pushed the weekly median price to its annual high of $361,500. The weekly average made a similar growth claim as it reached $387,519. These gains were enough to break a losing streak to the six-week average price which has persisted for four consecutive week. It moved higher to $344,197 but still finished below numbers recorded over the same period last year with an annual loss of about sixty-five hundred dollars. The four-week median price continued to grow for the second week in a row and reached $332,000 for a weekly increase of seven thousand dollars. That’s about where it was at this time last year.

The biggest changes occurred in negotiations where sellers recorded their best week this year as six lucky sellers bagged a deal above their asking price with a handsome bonus averaging $8,234. The largest overbid occurred on a River Heights four-level split which, as I mentioned last week was up for offers at a specified time. In that particular case, by the time the offers were in the deal closed $30K above the $320,000 asking price, which was arguably low for a 1400 square foot home in that area of the city. Another nine sellers found a buyer willing to pay them their full asking price while the 55 remaining deals closed below the list price netting the buyers an average discount of $12,858.

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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