By Norm Fisher, March 29, 2014 - Saskatoon residential real estate sales surged higher for the second consecutive week reaching 100 sales of houses and condos for the first time this year, about a full month faster than last year. That amounts to a weekly increase of 11 sales and an annual gain of 29 homes. Meanwhile, new listings of houses and condos moved in the same direction as local agents brought 165 houses and condominiums to the multiple listing service®, up ten from last week and ahead of activity recorded during the same week last year by a huge margin, 67 homes.
In spite of a big sales week, the massive number of new listings pushed inventory levels above the 1,300 mark to a new annual high. At the close of business yesterday buyers could find 1,323 residential properties showing an active status on the multiple listing service®, up 26 from a week earlier and ahead of levels recorded during the same week last year by 266 homes.
The MLS® inventory is clearly at its highest point for this time of year in a long time and the spring time additions seem to be coming a bit quicker than usual. The annual gains are widening a bit each week. It will be interesting to see where it goes. A search of today’s active inventory shows 802 single-family homes and 422 condos. Last year at this time those two categories of Saskatoon housing stood at 655 and 319 respectively.
Entry level buyers made a strong showing this week and pushed the median price of a Saskatoon home lower by seventeen thousand dollars to $337,000. The average price for the week was down a bit less as it slipped about 12K to $348,816. The six-week average price of a Saskatoon home inched lower by a bit more than two thousand dollars to settle at $355,588 and claimed an annual gain of twenty-four thousand dollars. Meanwhile, the four-week median price inched up to $348,450 to finish ahead of where it was at this time last year by thirty thousand bucks.
Overbid sales grew to five and the average overbid was up sharply to $6,780. Sales at the seller’s list price slipped lower to just 11. The remaining 83 Saskatoon home sales were recorded at a price below the seller’s list price with an average discount of $9,564.
Other notable MLS® activity this week included 45 cancelled and withdrawn listings, just four expired listings and 60 price adjustments.
Copyright Norm Fisher Royal LePage Saskatoon Real Estate