Saskatoon real estate week in review: October 5-11, 2014

Saskatoon real estate week in review: October 5-11, 2014
Saskatoon real estate sales numbers headed lower for the second week in a row. Local agents reported 77 firm house and condominium transactions to the Saskatoon multiple listing service®, down 12 from the previous week to fall short of numbers recorded during the same week the previous year for the first time in seven weeks.

The number of new listings added to the MLS®headed lower as well dropping from 222 last week to just 175 this week. Through most of this year, new listings have increased when compared against activity recorded for the same period last year. This was one of the rare weeks that didn’t happen as new listings fell by ten units on a year-over-year basis.

The total number of active residential listings available on the MLS® system continued to taper off as those numbers slipped by ten over the course of the week to 1541 leaving us up by about 140 homes when compared against levels recorded at this time last year. Year-over-year increases are starting to get smaller because inventory had already crept to some lofty heights by the end of Q3 last year. Recent changes to the search functionality of our MLS® system are creating a challenge in putting forward specific numbers of active listings by category. While my search of total residential listings yields a total number of 1541 (a number that makes a fair bit of sense just based on weekly activity), the combined total of single-family homes and condos exceeds that number. We’ll have to give the association a few weeks to sort out some bugs, I’m afraid.

The mix of real estate activity in various price ranges saw the weekly median price of a Saskatoon home grow to $328,000 this week, up from $315,000 a week ago but the average sale price stayed pretty stable at $348,369. Meanwhile, the six-week average price slipped lower losing about seven thousand dollars on the week to settle at $352,888 for an annual increase of just six thousand dollars. The four-week median fell more dropping eleven thousand dollars in a week to $328,000 to finish two thousand dollars lower than it did during the same week last year.

Overbid sales stuck at the three unit mark with an average bonus of $1,895 being paid to those sellers. Another seven sellers saw a full price offer on their home. The remaining 67 sellers had to give a bit to close a sale. The buyers in those transactions saw an average discount of  $10,023.

Other notable real estate activity this past week included 73 cancelled and withdrawn listings (64 and 9 respectively), 70 expired listings and 81 price changes.

Highlights from the news this week

Spending on home renos outpaces new construction - Globe and Mail
Millennials lured by lengthy stretch of low rates spur Canada’s condo boom - Financial Post
In today’s hot housing market first timers can’t afford to get in - Globe and Mail
How a housing market decline could put retirement savings at risk- 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

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