Saskatoon real estate week in review: March 15-21, 2015

Saskatoon real estate week in review: March 15-21, 2015
Saskatoon real estate sales grew by two this week as 72 firm residential deals were reported to the multiple listing service®. While small gains were made over the previous week, sales fell on a year-over-year basis. Looking back to the same week a year ago, sales had spiked higher to 89.

New listingswere off the charts again as weekly listings reached a new peak for the year at 204 homes, up just nine from the previous week and ahead of listings added during the same week last year by 49 homes. Yes. 49.

It wouldn’t take a rocket scientist to make an educated guess as to what happened to our active listings database this week. That’s right. It grew again, which should be expected at this time of year. In fact, it should be expected pretty much every week between now, and say, June. Active MLS® listings broke the 1,700 mark this week for the first time since 2008 settling at 1708 by the close of business Friday. A closer look at the major categories of Saskatoon housing shows 922 single-family homes being offered for sale and 581 condominiums. Compare that to 722 houses and 421 condos at this time last year.

2008 saw listings climb to the highest point I had seen in my career, which began in 1993. They ultimately peaked in September at 1,738 homes. That previous high will happen for us this year next week, pretty much for certain, and like I said earlier it will grow for another three months.

A slightly higher level of interest in homes priced above $400,000 brought both the average sale price and the median sale price of a Saskatoon home higher this week to $348,967 and $338,450 respectively. The six-week median price continued to trail lower, a trend that began about five weeks ago. That measure lost about fifteen hundred dollars over the week to close at $350,675 or about seven thousand dollars lower than it was a year ago. The four-week median price finished up for the week making gains that were similar to the losses seen on the average. It finished the week at $331,750 to find itself down on an annual basis by sixteen thousand dollars.

The vast majority of this week’s sales required some negotiations to close a deal as 59 sellers gave up an average of $10,134 to close. Five buyers paid more than the asking price by an average of $14,640. The other eight sold at full list price.

Other notable real estate activity this past week included 50 cancelled and withdrawn listings (46 and four respectively), 27 expired listings and 69 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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