Saskatoon real estate week in review: August 13-19, 2017

Saskatoon real estate week in review: August 13-19, 2017

Saskatoon real estate activity cooled some this week as local agents reported 72 firm sales to the local MLS®, down from 87 last week, about 11 fewer sales than were recorded for the same week last year. Meanwhile, the number of new residential listings that were added to the system matched the previous weeks total at 181, which is up from 168 when comparing the year-over-year stats.

The inventory of active MLS® listings reached a new high for the year this week at 2253, up from 2251 at the end of June as inventory grew by 22 units this week. We’re now up about ten percent when comparing to levels seen last year. There were 2052 listings showing an active status at that time. Once again, a new record for our area and a hefty number of homes for this time of year when active listings should be moderating. Today, a search of the MLS® system delivers 1282 single-family homes, up from 1118 a year ago. Additionally, there are 865 active condo listings, up 100 units from a year earlier.

A more typical mix of upper and lower end sales brought both the weekly median price and the weekly average higher to $361,250 and $359,597 respectively. The six-week average saw modest weekly gains of about sixteen hundred dollars and reached $338,652 for a big annual loss topping twenty three thousand dollars. The four-week median price came back after it fell off a cliff last week and closed the week at $331,000. That’s down just eight thousand dollars from a year ago.

The overbid activity was soft, as expected, with just two sellers bagging an above list price offer. They did well though, capturing an average overbid of $4100. Another 64 sales hit the system showing an average discount of $12,549. The remaining six sales were reported to have sold for the asking price.

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 Vidorra

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