Saskatoon real estate week in review: March 29 - April 4, 2015

A short work week  brought fewer reported sales this week. Saskatoon real estate agents reported just 74 firm house and condominium sales to the multiple listing service®, a drop of 20 units from the week before to finish down when compared against the same week last yearby 25 sales.

Even with one less day to process new listings, those managed to increase from the previous week. 188 Saskatoon homes were submitted to the MLS® this week, up nine from last week, but well below the 217 home listings processed during the same period of 2014. That’s the first and only week this year where weekly listings didn’t exceed the previous year’s numbers.

The total inventory of MLS® listings continued to push higher but still finished the week below record levels seen in 2008. At the close of business this week 1760 active residential listings could be found on the system, up 35 units from the close of the previous week, and ahead of levels seen at this time last year by 424 homes. Today’s totals show 981 single-family homes and 590 condos, well up on last year when they sat at 824 and 426 respectively.

Some strong activity below the $200,000 mark, and far fewer sales at the upper end of the market brought the average and the median sale price of a Saskatoon home lower. The average price fell to just $320,000 to reach its lowest point since January. The median price slipped to $309,250. The six-week average sale price continued to trend lower as it fell for the fifth consecutive week and reached its lowest point this year at $341,295 for a weekly decline of eight thousand dollars and an annual loss of more than seventeen thousand dollars. The four-week median price dropped twenty-five hundred from last week to finish at $330,000 giving up a 20K drop when compared against the same week last year.

Nine buyers made an offer above the asking price but the overbids were largely driven by extras added in on new home purchases. Another 65 buyers ground themselves a discount averaging $9,595. There were no sales recorded at the asking price this week.

Other notable real estate activity this past week included 45 cancelled and withdrawn listings (44 and one respectively), 50 expired listings and 64 price changes.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