Saskatoon real estate week in review: February 9-15, 2014

By Norm Fisher, February 16, 2014 - The Saskatoon real estate market saw increased sales this week as local REALTORS® reported 78 houses and condos sold to the multiple listing service®, up 14 from the previous week to finish ahead of volume recorded during the same week last year when 69 homes traded hands. This is the third consecutive week that sales have finished higher on a year-over-year basis. Meanwhile, the number of new listings fell lower this week. Saskatoon real estate agents added 129 properties to the MLS® system this week, three dozen fewer than we saw just last week, but well up from the same week a year ago when just 91 properties were added. As with sales, new listings are up annually for the third week in a row.

Inventory continued to push higher this week breaking the 1200 mark for the first time this year. At the close of business, 1218 active MLS® listings could be found in the residential category, an increase of 25 from the previous week’s close, up more than 200 units (20 percent) from levels recorded at this time last year. Today, buyer’s will find 710 single-family homes showing an active status, up from 590 a year ago. Additionally, there are 381 condominiums for sale on the MLS® system, up from 322 last year, also an increase of close to 20 percent.

Higher end home sellers saw some decent action this week with the four highest priced residential sales generating about $3.5 million dollars in volume. The median sale price of a Saskatoon home jumped more than ten percent from last week reaching $337,450 while the average priced spiked higher to $357,850. The six-week average price bounced out of the loss it saw last week coming back up to $350,820 for an annual increase of roughly thirteen thousand dollars. Meanwhile, the four-week median held firm with very little change on the week. It finished the at $324,625 for a year-over-year loss of close to three thousand dollars.

While 13 Saskatoon home sellers managed to find a buyer willing to pay their full asking price buyers were reluctant to overbid this week. Just one seller closed a deal above their asking price with a $1,600 overbid. The remaining 64 house and condo sales concluded with a contract to sell below the asking price by $14,453 on average. This number is 40-50 percent higher than it has been most weeks thanks to an area two luxury listing that sold $175,000 below asking price.

Other notable MLS® activity this week included 44 cancelled and withdrawn listings, 11 expired listings and 32 price adjustments.

Copyright Norm Fisher Royal LePage Saskatoon Real Estate