Saskatoon real estate week in review: November 1-7, 2015

Saskatoon real estate week in review: November 1-7, 2015

Saskatoon real estate agents reported a total of 74 residential sales to the multiple listing service® over the past week, up from 63 for the previous week. The numbers were large enough to put us ahead of the same week last year, a rare occurrence these days, when just 52 properties changed hands. New listing numbers spiked higher as a many of the month end expired listings came back for another crack at the market. A total of 212 MLS® agreements were processed over the past seven days, up from 167 last week and ahead of the same period last year by 17 homes.

In spite of the persistence that some sellers are displaying the total number of active listings available for sale on the Saskatoon MLS® took another dip, its fourth consecutive weekly decline. Looking back at the active listings chart, the previous record for weekly declines is just two, but this is what should be happening at this time of the year. By the close of the week, inventory dipped to 1916 Saskatoon homes, down from 1962 last week and well up from 1573 homes that where on the market a year ago. Today we have 1088 single-family homes showing an active status, up from 920 at this time last year. Condo inventory sits at 652, ahead of levels seen a year ago by 165 units.

Some solid action at the upper end of the Saskatoon real estate market, which has been experiencing real weakness lately, pushed the median sale price sharply higher to $352,950. The average sale price spiked even more, thanks to a good handful of sales above $500,000 and one that topped a million bucks. Both of the longer term measures took an upward swing as well, though by not nearly as much. The six-week average grew by a bit more than four thousand dollars to finish the week at $351,858 but still closed down about seven thousand dollars on a year-over-year basis. The four-week median price finished at $348,500 for a weekly increase of $3500 to come in just slightly ahead of where it stood a year ago.

Just one of this week’s 74 sales went above the asking price netting the seller an $1100 bonus. Nine sellers found some love with a full price offer, while 64 buyers managed to buy at a discount averaging $10,290.

Other notable real estate activity this past week included 108 cancelled and withdrawn listings (101 and seven respectively), 138 expired listings and 120 price changes.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


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