Saskatoon real estate week in review: March 23-29, 2014

Saskatoon real estate week in review: March 23-29, 2014
Saskatoon residential real estate sales surged higher for the second consecutive week reaching 100 sales of houses and condos for the first time this year, about a full month faster than last year. That amounts to a weekly increase of 11 sales and an annual gain of 29 homes.

Meanwhile, new listings of houses and condosmoved in the same direction as local agents brought 165 houses and condominiums to the multiple listing service®, up ten from last week and ahead of activity recorded during the same week last year by a huge margin, 67 homes.

In spite of a big sales week, the massive number of new listings pushed inventory levels above the 1,300 mark to a new annual high. At the close of business yesterday buyers could find 1,323 residential properties showing an active status on the multiple listing service®, up 26 from a week earlier and ahead of levels recorded during the same week last yearby 266 homes. The MLS® inventory is clearly at its highest point for this time of year in a long time and the spring time additions seem to be coming a bit quicker than usual. The annual gains are widening a bit each week. It will be interesting to see where it goes. A search of today’s active inventory shows 802 single-family homes and 422 condos. Last year at this time those two categories of Saskatoon housing stood at 655 and 319 respectively.

Entry level buyers made a strong showing this week and pushed the median price of a Saskatoon home lower by seventeen thousand dollars to $337,000. The average price for the week was down a bit less as it slipped about 12K to $348,816. The six-week average price of a Saskatoon home inched lower by a bit more than two thousand dollars to settle at $355,588 and claimed an annual gain of twenty-four thousand dollars. Meanwhile, the four-week median price inched up to $348,450 to finish ahead of where it was at this time last year by thirty thousand bucks.

Overbid sales grew to five and the average overbid was up sharply to $6,780. Sales at the seller’s list price slipped lower to just 11. The remaining 83 Saskatoon home sales were recorded at a price below the seller’s list price with an average discount of $9,564.

Other notable MLS® activity this week included 45 cancelled and withdrawn listings, just four expired listings and 60 price adjustments.

Highlights from the news this week

Home buying has other related costs - Star Phoenix
Think tank says housing market won’t crash - Star Phoenix
Garden and garage suites getting closer - Star Phoenix
What bubble? Canadian’s have their mortgages covered - Financial Post
Mortgage brokers go the extra mile - Leader Post
Real estate bidding wars: It’s every man for himself - Financial Post
Superstitions can mean profits and loss in real estate - Here’s why paying off your mortgage isn’t always the best choice - Financial Post
New mortgage rate war looms as BMO cuts 5-year below 3% - Financial Post
Finance minister Oliver won’t meddle in mortgage market, for now- Globe and Mail

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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


No comments

Post Your Comment:

Your email will not be published
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.