Saskatoon real estate week in review: October 19-25, 2014

Saskatoon real estate week in review: October 19-25, 2014

Saskatoon real estate market saw sales remain flat on a weekly basis, while they slipped lower compared against last year’s numbers. Local agents reported just 81 firm house and condo sales to the Saskatoon multiple listing service® this week for a gain of just one on last week’s totalsto finish seven units lower than the numbers recorded for the same week a year ago.

Meanwhile, the number of new listings added to the MLS® system grew, on a weekly an annual basis. REALTORS® added 153 houses and condos to the system this week, up 16 homes from the previous week and way ahead of the same week a year ago when only 110 properties hit the market.

The total inventory of active residential listings saw gains for the second week in a row at a time of year when they can almost always be counted on to fall. The number of homes displaying an active status on the MLS® system grew by 18 over the course of the week to reach 1561 for annual growth of 188 Saskatoon homes. Today’s totals show 1107 single-family homes and 454 condos being offered for sale, up on an annual basis from 859 and 415, respectively.

The average price paid for a Saskatoon home this week slid lower to $338,833. At the same time, the longer term measures both made gains led by the six-week average price which grew by nearly five thousand dollars this week to reach $358,211 for a year-over-year increase of roughly six thousand dollars. The four-week median price inched higher increasing by twenty-five hundred dollars compared to last week’s close leaving it down on an annual basis by just a bit more than 10K.

Two buyers offered to pay their seller a bonus above the asking price that averaged $18,601. That number was skewed higher by one particularly generous overbid that topped $30,000. Another 65 buyers made off with a discount averaging $11,596. Another 14 deals closed at the full asking price.

Other notable real estate activity this past week included 60 cancelled and withdrawn listings (53 and seven respectively), 20 expired listings and 63 price changes.

Highlights from the news this week

Real risk to housing markets is ‘constrained liquidity’ - The Toronto Star

Interest rates to remain low and hold longer - CREA News

Moody’s warns on housing market - GlobeAdvisor

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 Saskatoon Real Estate


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