Saskatoon real estate week in review: March 2-8, 2014

Saskatoon real estate week in review: March 2-8, 2014
Sales and new listings in the Saskatoon real estate market continued to follow last year’s activity quite closely this week. Local agents reported a total of 70 house and condominium sales to the multiple listing service® to match last week’s numbers, finishing just one sale lower than the number recorded for the same week last year.

The number of new listingswas through the roof at 180 units, up 45 from the previous week, but like sales, just one unit behind listing activity for the same week a year ago. 180 is the largest number of new listings for any week since mid October.

After slipping lower for two consecutive weeks, the surge in new listings coming on the market pushed the total number of residential properties listed for sale on the Saskatoon MLS® higher by 32 compared to last week’s close. We are once again above 1200. Today’s Saskatoon real estate buyer has 1215 homes to choose from, up from 1047 a year ago. A search of the local multiple listing service® today yields 715 single-family homes showing an active status, up from 648 a year ago. In the condominium category, 404 homes are available to buyers, a 30 percent increase from last year’s numbers. According to CREA’s MLS® House Price Index, apartment style condos have lost some value (four percent) in recent months. This very high level of inventory could potentially lead to more softening in that category. It certainly gives buyers some added clout at the negotiating table.

Upper end home buyers continued to be the most active group who were out looking and buying. As a result, the median price of a Saskatoon home sold this past week increased again to $361,250. Absent any deals in the $800,000 plus range, the average sale price managed to inch lower by a bit more than $1700 to $357,427. Looking to the longer term measures, the six-week average remained fairly stable growing by less than a thousand dollars to $353,566 claiming an annual increase approaching 20K. Meanwhile, the four-week median price of a Saskatoon home continued to grow taking it’s third consecutive weekly increase. By week’s end it had increased by nearly eight thousand dollars to close the week at $348,000 for an annual increase of more than ten percent.

After being completely shut out on overbid activity for the past couple of weeks, three lucky sellers managed to close a deal above their asking price with an average overbid of $3,900. Another 20 sellers closed a deal fat their full list price. The remaining 47 sales closed below the asking price netting the buyer an average discount of $8,672.

Other notable MLS® activity this week included 57 cancelled and withdrawn listings, 25 expired listings and 31 price adjustments.

Highlights from the news this week

Record home building in Canada drive spike in new permits - Financial Post
Think Gen Y will prop up Canada’s housing market? Think again - Globe and Mail
Pimco sees Canadian housing market falling as much as 20% - Financial Post
The problem with Pimco’s home wrecking - GlobeAdvisor
Mortgage costs set to rise as CMHC leads premium hike - Globe and Mail
How lower rates are making variable rate mortgages more tempting - Financial Post
CMHC hikes mortgage insurance premiums prompts competitors to follow - Financial Post
Banks show restraint on mortgage rates one year after Flaherty warning- Globe and Mail

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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

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