Saskatoon real estate week in review: May 24-30, 2015

Saskatoon real estate week in review: May 24-30, 2015

Any week above 100 sales has got to be considered strong at this point, and this week Saskatoon real estate agents counted 105 firm residential sales by the close of business Friday, down nine from last week’s numbers falling short of sales recorded during the same week a year ago, also by nine. The number of new residential listings added to the MLS® increased from 205 last week to 233 trumping the number added during the same period last year by a whopping 55 units.

Still, a large number of cancelled listings and a pretty good handful of properties that expired without a sale this week kept the total number of active listing on the Saskatoon multiple listing service® in check. Those numbers grew marginally to 2023 from 2012 a week ago to finish higher from a year ago by 471 homes. The year-over-year increase is getting slightly smaller each week. At this point, I can’t help but feel that we have seen the worst of our inventory spike for 2015. This is about the time when levels typically come to their peak and the slower growth in recent weeks is leading me to believe that we may be there, or very close to our peak numbers for the year. 283 properties are set to expire from the MLS® in the next seven days. While a good handful of those are likely to return to the system almost immediately, some of those sellers will certainly see the spring market as being behind them and either change their move plans or put a tenant in the property. Of course, I can’t be sure but I think this is our peak week. Taking a closer look by category, buyers have 1153 single-family homes and 682 condos to choose from today.

Housing sales activity by price range looked similar to last week as the median price of a Saskatoon home hardly changed. It slipped just a couple of thousand dollars to $358,000. The average price took a larger drop falling more than 10K to $365,334. Meanwhile, the six-week average price took its first decline in seven weeks as it slipped lower by about three thousand dollars to finish the week at $358,218  recording an annual increase of just three thousand dollars. The four-week median price took its eight consecutive weekly increase, this time growing by 8K on the week to settle at $358,000 for an annual increase of eighteen thousand dollars. Click the image for a larger version of the graph.

This week’s sales activity found eight lucky sellers completing a deal above their asking price with an average bonus of $29,005 being paid. This is especially remarkable because of one sale, a house on 8th Street that sold for $181,500 more than the asking price, an overbid like I’ve never seen before. Wow! This was a residential property, zoned M1. It was presented to the market with a "delayed presentation of offers" strategy and was likely intentionally priced below market value to create greater interest. On the flip side of the negotiating table, 89 sellers accepted offers below their asking price by an average of $11,003. Another eight sales closed at asking price.

Other notable real estate activity this past week included 89 cancelled and withdrawn listings (82 and seven respectively), 25 expired listings and 80 price changes.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area.

Get it here, now. 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


No comments

Post Your Comment:

Your email will not be published
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.