Saskatoon real estate week in review: February 2-8, 2014

By Norm Fisher, February 8, 2014 - Saskatoon real estate sales continued to track last year’s numbers quite closely through the second week of February. Local REALTORS® reported 64 firm deals of houses and condominiums this week, down six from the previous week to finish ahead of the same period last year by 15 home sales. New listings, on the other hand, took off like a raging bull with 165 houses and condos being added to the Saskatoon multiple listing service® database over the course of the week, up 32 from last week to finish well up on new listings for the same week last year when just 118 properties were added to the system.

As usual, a good number of the “new listings” recorded on the MLS® system were actually doing the old cancel/re-list trick. There were also more than two dozen listings that came to the end of their term without a sale. Some of those were certainly re-listed. Those two factors kept the total number of active listings on the Saskatoon MLS® lower than you might have exacted they’d be with that kind of a sales to listings disparity. Still, after a short pause last week, active listings (all residential types) surged higher to reach 1187 for a weekly increase of 46 and a year-over-year gain of 178, leaving us with more inventory than we’ve seen before mid-March over the past five years. Today, single-family home options sit at 701, up from 590 at this time last year. Condo inventory is currently at 369, up from 329 a year ago.

The median sale price (the price point at which half of all sales are above and half are below) of a Saskatoon home slipped lower this week to $300,000. With sales above $500,000 accounting for just a small handful of the units sold this week, the average sale price of a local home took a solid plunge slipping to $326,996. On the heels of four consecutive weeks of gains to the six-week average sale price, we finally saw its first decline this year as it slipped to $336,835 for a weekly decline of a bit more than five grand and an annual drop of eighty-five hundred dollars. The four-week median price slipped four thousand from last week to reach $324,450 and finished the week roughly where it was a year ago.

Sellers hoping to land an above list price offer were largely disappointed as just one buyer showed any willingness to overbid. That deal netted the seller an additional $5100. Another seven buyers said yes to a full price offer. Meanwhile, 56 of this week’s 64 firm deals closed lower than the seller’s asking price with an average discount of $8,761 being reported.

Other notable MLS® activity this week included 42 cancelled and withdrawn listings, 28 expired listings and 24 price adjustments.

Copyright Norm FisherRoyal LePage Saskatoon Real Estate