Saskatoon real estate week in review: March 8-14, 2015

Saskatoon real estate sales remained steady this week with local agents reporting a total of 70 residential sales for a weekly gain of two, topping sales for the same week last year by four, and making this the first week this year during which sales actually grew on an annual basis.

The number of new residential listings that entered the MLS® system grew again, largely driven by the re-listing of a large number of expired listings that came off of the system last week, and a bunch of canceled listings that left and then returned with a new price. Across the week, 195 properties were were added to the multiple listing service®, up eight from the previous week, handily topping totals from the same week last yearwhen 167 new listings were added.

The database of active residential real estate listings saw its largest increase in eight weeks time as it spiked higher from 1575 last week to 1652 today. That total puts the current inventory ahead of levels recorded at this time last year by 370 homes, leaving it at its highest point since August of 2008. Single-family homes inventory rose to 887, up from 734 a year ago. Condos are now sitting at 571, ahead of last year’s numbers by 153 units.

Sales above the five hundred thousand dollar mark were weak once again. The weekly median price slipped $1,000 from last week to $330,000 as a result. The average price fell lower for the second week in row to $327,379. The six-week average price continued to trend lower as it slid about twelve hundred bucks from last week to $352,168 and finished the week just a few hundred dollars softer than it was a year ago. The four-week median price stayed stable on a weekly basis to close at $330,000 for an annual loss of a bit more than $8,000.

Even with sales activity that was pretty tepid, five buyers offered to pay above list price for their new home with an average overbid of $3,280. Meanwhile, the 59 deals that closed below the seller’s asking price recorded an average discount of $10,841. Another six buyers paid full price to close their purchase.

Other notable real estate activity this past week included 47 cancelled and withdrawn listings (42 and five respectively), 11 expired listings and 62 price changes.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

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale.Less...

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale. Known locally as an impact leader he supports many organizations that serve our community’s most vulnerable people like the Saskatoon Interval House, the YWCA Crisis Shelter, the Lighthouse, the Friendship Inn and others. He has participated in several physically daunting charitable challenges and helped raise over one million dollars for women's shelters across Canada. Additionally, he’s a charter member of 100 Men Who Give a Damn in Saskatoon, a group of local philanthropists who are driven to bring positive change to those in need within our community. Fisher is a licensed real estate broker and owner of Royal LePage Vidorra, a boutique brokerage known for technology and innovation.

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The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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