Saskatoon real estate week in review: September 14-20, 2014

Saskatoon home sales reached their highest point since early August as local real estate agents reported 102 house and condo sales to the multiple listing service® for a weekly increase of four, topping numbers for the same period last year by 18.

New listings were fairly stable on a weekly basis with 215 being added to the system, down just three from last week and up a whopping 54 homes compared against last year’s numbers.

Click the image for a larger version of the graph.

The total inventory of active listings on the Saskatoon MLS® made sizeable gains for the second week in a row to crack the 1600 mark and reach a new high for 2014. Today’s searches show 1614 Saskatoon homes being available to buyers, 20 ahead of last week’s close and up on levels recorded on the same date last year by 235 homes. The number of single-family homes found on the MLS® system has increased from 850 to 1002 from a year ago. Condo inventory has grown from 418 to 474 over the same period.

Click the image for a larger version of the graph.

Upper end activity ramped up a bit and pushed the weekly median price of a Saskatoon home higher to $348,700. With a single sale approaching $1.3 million in the mix the average price took a similar bump and closed the week at $355,633. The longer term price measures both moved higher this week. The four-week median took the larger gain of almost 10K for the week to reach $347,000 and claim a twenty thousand dollar year-over-year increase. Meanwhile, the six-week average price of a Saskatoon home inched ahead to $352,859 for annual growth of ten thousand dollars.

Click the image for a larger version of the graph.

Overbid sales fell flat to just one deal. That one went over the seller’s listed price by $2,100. Another seven homes sold at full price while the remaining 94 went for less than the asking price by an average of $10,062.

Click the image for a larger version of the chart.

Other notable real estate activity this past week included 88 cancelled and withdrawn listings (84 and 4 respectively), 21 expired listings and 74 price changes.

Highlights from the news this week

RMs cashing in on land rush – Star Phoenix
Regina real estate market bucks national trend – Leader Post
Summer’s end cools of housing market – Globe and Mail
Canadians’ household debt burden edges higher in second quarter – Globe and Mail
Data shows home price will continue to rise – Globe and Mail
CREA boosts annual forecast as August sales surge – BNN

A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.

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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