Saskatoon real estate week in review: May 1-7, 2016

A big week for expired listings (123) led to a huge week for new listingsas Saskatoon real estate agents brought 238 listings to the system, many of them returning for another go after at least one failed attempt. That amounted to an increase of 18 over last week but was down 13 units from the same week a year ago. Residential sales fell lower to 85, down 17 from the previous week for a shortfall of 11 when compared to the same period last year.

The inventory of active MLS® listings took a solid jump higher as it grew by almost 70 units this week and reached its highest point for the year at 1992, a level not seen since late October of last year. Still, that’s up just 28 listings from where the inventory sat a year ago. It’s too early to tell at what levels it might peak this year, but from month-to-month, the annual gains are falling and if the current trend continues for just one more month, we should be reported year-over-declines for the first time in three years. The number of single-family homes that are offered for sale on the multiple listing service® has slipped below that line and stayed there for several weeks now. At this time, there are 1079 active listings in the category, down just slightly from 1097 a year ago. Meanwhile, condo inventory grew to 746, up from 682 at this time last year.

In spite of two mobile home sales that didn’t amount to $50,000 between them, the weekly average sale price of a Saskatoon home moved higher to $353,898 due to very solid sales activity for Saskatoon homes priced above $500,000. That, of course, also lead to some strong growth in the weekly median price which finished at $329,900. The six-week average price took some weekly gains as it grew by about four thousand dollars to finish the week at $345,489 for an annual loss approaching eight thousand dollars. The four-week median price grew by one thousand dollars compared to last week and closed out at $332,000 to fall short of last year’s number by 13K.

Full list price sales fell hard from 18 last week to just seven while just three sellers found a buyer who made an offer above the asking price. The average overbid came in at $9,933 which was skewed hard by a single sale in the Varsity View area which went $28,200 over the asking price. It appears to have been intentionally priced aggressively to generate multiple offers at an appointed time. The remaining 75 homes that sold last week went for less than the list price generating an average discount of $12,082 for the buyer.

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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