The Saskatoon real estate market saw residential sales rebound this week as local agents reported 72 firm home sales to the Saskatoon multiple listing service®, up from 50 last week, to record an annual increase for the first time in 8 weeks. Looking back to the same period last year, there were 70 reported sales. The number of new listings added to the MLS® fell lower at the same time. Saskatoon real estate agents brought 163 listing to the system, well below the 243 listed last week. That number also fell short of last year’s numbers when 195 new listings hit the system.
The inventory of available MLS® listings continued to gain ground as it grew to 1832, up just 21 from last week’s close for an annual increase of 180 Saskatoon homes. There are currently 955 single-family dwellings showing an “active” status on the MLS, up from 887 at this time last year. Available condos sit at 708 for a year-over-year increase of 137 units.
With far fewer sales below the $200,000 mark, both the weekly average sale price and the weekly median made large gains as the former grew to $338,829 and the latter picked up even more to close the week at $334,950. The six-week average price continued to slide lower for the fourth consecutive week as it slid just a couple of thousand dollars from last week to settle at $333,162 for an annual loss of $19,000. This is about where it was at the close of the same week in 2013, which seems to validate the current MLS® Home Price Index numbers that suggest home prices are about level with where they were 36 months ago. Meanwhile, the four-week median price managed to make some gains as it grew by five thousand dollars from last week’s close to reach $325,000 which is down just five thousand dollars from where it was a year ago.
As you can see, I’ve created a couple of new charts for the week in review that will allow us to take a deeper look at the four-week median and the six-week average over a longer period of time.
Nine lucky sellers managed to wrap up a deal at their asking price this week. None did better than list, despite industry chatter of multiple offers on good houses priced in the sweet spot ($300,000-$400,000). One optimistic seller brought back the old “delayed presentation of offers” game this week and hopes to open a number of competing offers on March 15 at 4:00 pm. It’ll be interesting to see how that ends up. On the other side of the negotiating table, 63 buyers ground themselves a deal netting an average discount of $11,873.
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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