Saskatoon real estate week in review: August 14-20, 2016

Saskatoon real estate week in review: August 14-20, 2016

Saskatoon real estate sales took a small upward swing this past week as local REALTORS® reported a total of 83 firm residential deals to the MLS® system, up three from last week, and even with sales for the same week last year. The number of new listings processed through the multiple listing service® fell to 168, down from 198 a week ago. There were 199 Saskatoon homes listed during the same week last year.

For the first time in well over three years the week closed with fewer active real estate listings on the MLS® than there were a year ago. The total number of residential listings fell by 15 over the course of the week to settle at 2052 this morning, down from 2060 at the close of the same week last year. Interestingly, the losses were all recorded in the condo inventory numbers which fell from 775 last week to 765 today, up from 674 a year ago. The number of single-family homes that are available on the MLS® grew by two this week to 1118, which is down from 1195 at the close of the same week in 2015.

With a little more than 25 percent of this week’s deals being condominiums, and only four sales with a price exceeding $500,000 both the weekly median price and the weekly average fell lower to $329,000 and $337,831 respectively. The six-week average price came off of its peak as is slipped a bit more than four thousand dollars from last week to $362,140 ahead of where it was a year ago by a few hundred dollars. Meanwhile, the four-week median price increased by one thousand dollars from last week to reach $339,000. At the close of the same week last year the four-week median was one thousand dollars higher than it was this week.

In spite of strong sales and softening listing inventory sellers found little love at the negotiating table this week. Not a single above list price sale was recorded. Seven buyers did agree to pay the seller’s full asking price while 76 insisted on a discount that averaged $12,180 off of 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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