Saskatoon real estate week in review: May 4-10, 2014

Saskatoon real estate sales continued its near two month streak of year-over year gains, interrupted just once over the past eight weeks, as local agents reported 102 firm house and condominium sales to the multiple listing service®. That number, while down eight units from the previous week’s numbers, comes in ahead of units reported sold for the same week last year by nine.

The number of new listings added to the MLS® took a bit of a dip compared to the previous week as Saskatoon real estate agents brought 193 houses and condos to the market. That’s down 25 homes compared against last week’s numbers but still up over the same period a year ago by eight properties.

The total number of MLS® listings in the residential category continued to move higher this week. By today, Saskatoon home buyers have 1440 properties to choose from, ahead of the close of last week by 18 listings and up on numbers recorded during this same week last year by 256. That puts us ahead of the five-year average for this week by 149 homes. Taking a closer look at specific housing categories we find 871 single-family homes displaying an active status, up from 714 a year ago, and 455 condominiums, up from 381 at this time last year.

A bit more action at the upper end of the Saskatoon real estate market took the median sale price of a local home out of last week’s lower than typical level, back up to $348,000 even as the weekly average price dipped lower by more than 10K to $360,519. Still, the six-week average price paid for a Saskatoon home managed to grow by about twenty-five hundred dollars compared against the previous week. That left it roughly fourteen hundred dollars higher than it was at the close of the same week in 2013. Meanwhile the four-week median picked up just over five thousand dollars when compared against last week. It finished this week at $341,000 for an annual increase of six thousand dollars.

Overbid sales continued at levels that have become fairly typical for early spring but buyers were quite reserved in how much they went over. A total of six deals were reported to have sold above the asking price by an average of just $502. On the other hand, 81 sellers came head to head with a buyer who wasn’t going to close without some concessions on price. Those buyers settled for a discount that averaged $9,847. The remaining 15 transactions closed at the seller’s asking price.

Other notable activity through the Saskatoon multiple listing service® included 61 cancelled and withdrawn listings, 32 expired listings and 67 price changes, which I believe is the highest number of price changes during any week this year.

Highlights from the news this week

Was CMHC’s move on mortgage rules a step towards privatization? - Financial Post
Sales gains signal strong spring for much of Canada’s housing market - Globe and Mail
New house prices decline in Saskatoon as starts increase - GlobalNews
Housing starts jump in April - Star Phoenix
Bubble? What bubble?- Globe and Mail

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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

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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