Saskatoon real estate week in review: November 23-29, 2014

Saskatoon real estate week in review: November 23-29, 2014

Homes sales took a step up this week as Saskatoon real estate agents reported 83 houses and condos as having firmly sold, up from 72 last week, to finish ahead of the same week last year when just 64 deals were completed.

The number of new listings added to the MLS® system headed in the opposite direction and slipped lower by 43 units on a weekly basis to just 104, the smallest number of new listings for any week since February, but still well ahead of the same week a year ago when just 83 Saskatoon homes were offered for sale.

The total number of residential listings showing an active status on the Saskatoon multiple listing service® finally took a dive as it slid lower by 45 properties compared to the close of the previous week, to fall below 1500 for the first time since early May. Today, we have a total of 1497 residential properties for sale, up from 1246 a year ago. Among those listings are 871 single-family homes, up from 768 a year ago, and 475 condominiums, up from 370 at this time last year. A strong week of sales that were closer to the entry level of the Saskatoon real estate market brought the weekly median price lower by almost 20K to $335,000 and the average sale price of a Saskatoon home followed as it slipped to $347,080. Still, the longer term measures made some gains as the six-week average price edged up nearly four thousand dollars to hit a new high of $370,778 for annual growth of about 23K. The four-week median price held steady at $350,000 for the second week in a row to claim an annual increase of roughly thirty thousand dollars.

Overbid sales continued to be a near non-factor as just two sellers found a buyer willing to pay more than list. Those deals closed with an average bonus of $11,150 largely driven by one twenty-two thousand dollar overbid. Another eight sales closed at the full asking price while 73 of this week’s 82 sales closed below the seller’s asking price by an average of $9,573.

Other notable real estate activity this past week included 54 cancelled and withdrawn listings (48 and six respectively), 19 expired listings and 33 price changes.

Highlights from the news this week

Pay off your mortgage or invest? What’s best for you? - Financial Post

Modest amount of overvaluation in housing markets - CTV News

IMF can’t stop worrying about Canada’s so-called housing bubble - Financial Post

Home ownership slightly more affordable: RBC - CBC News

A map displaying the boundaries of Saskatoon real estate areas is here.

An overview of data collection and calculation practices for our statistical reports is here.

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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

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