Saskatoon real estate week in review: March 30 - April 5, 2014

It was another strong week for home sales as Saskatoon real estate agents reported 99 house and condo deals to the multiple listing service®, about even with last week and up by 12 sales when compared against the same period a year ago.  At the same time, new listingswere through the roof breaking 200 for the first time since last June, thanks in part to a significant number of “re-lists” that went back on the market following an end of March expiry date. Local agents listed 217 home on the MLS® this week, up 52 units from the previous week for a year-over year increase of 64 homes.

Active Saskatoon real estate listings in the residential category made some gains again but grew at a pretty slow pace. At the close of business Friday, active MLS® listings stood at 1336, up just 13 homes from levels recorded at the end of last week, but higher than they were a year ago by 244 homes. The selection of single-family homes grew to 824 from 664 a year ago. Condo listings inched higher to 426, up from 342 at this time last year. Over the past month or so, annual increases in the single-family home category have made some gains while condo inventory has thinned just a bit.

There was strong activity across all price ranges this week with just slightly more at the upper end. That caused the median price of a Saskatoon home to regain losses experienced the previous week as it recovered to $362,500. With weekly sales that included three home sales above the $800K mark the average sale price of a Saskatoon home shot higher to one of its highest points ever at $379,286. Meanwhile, the six-week average price continued to inch up and reached its highest point in at well over two years at $358,612 for an annual gain of a bit more than seventeen thousand dollars. The four-week median also crept up hitting its largest number this year. It closed the week at 349,900 to claim an annual gain of about twenty three thousand dollars.

Overbid sales slipped lower to include just two homes but the average overbid was pretty strong at more than seven thousand dollars. On the other hand, 85 of this week’s home buyers ground themselves a deal that resulted in a discount that topped ten thousand dollars.

Other notable MLS® activity this week included 48 cancelled and withdrawn listings, 64 expired listings and 54 price adjustments.

Highlights from the news this week

Saskatoon region MLS® sales up 16 percent over last year - TeamFisher.com
Too many questions around Canada’s housing market: CIBC Economist - The Star

Economist calls government out on lack of information about mortgage market - Financial Post

Gen Y: Don’t believe the hype on home ownership - Globe and Mail

Five mortgage market truths, like you can do better than 2.99% - Globe and Mail

Holes in housing market data worries economists - Globe and Mail

Could CMHC change its model to reflect mortgage risk?- Financial Post

Housing market sees increase in singles purchasing homes - Canadian Press via Star Phoenix

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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