Saskatoon real estate week in review: February 11-17, 2018

Saskatoon real estate week in review: February 11-17, 2018
While the number of Saskatoon real estate sales grew from 51 last week to 55 this week, they fell lower on an annual basis. During the same period last year, 66 residential trades were reported to the multiple listing service®.

New listing activity dropped more sharply on both a weekly and an annual basis. Local REALTORS® submitted 113 Saskatoon homes to the MLS® over the past week, down from 131 the previous week, and well below the 156 that were added over the same period of 2017.

Active MLS® inventory once again failed to gain much traction over the past seven days as total listings in the residential category grew by just six to reach 1559, down from 1707 at the close of the same week last year. That’s a near nine percent annual decline. Total active residential listing numbers have only been lower at the close of one week (the first of 2017) in the past two years. If the current trend continues, the 2018 active listings line on our chart could easily find itself intersecting with the 2015 line soon. Still, it's too early to develop a clear picture of where these numbers may go. Typically, new listings numbers just begin to gather some serious steam through the month of March. Today’s tallies show we have 828 single-family homes for sale in Saskatoon, down from 874 a year ago. Available condominium units are at 651, down from 682 at this time last year.

Strengthened activity for home sales below $250,000 brought both the weekly median sale price and the average sale price lower to $335,000 and $320,023 respectively. Consequently, the six-week average sale price of a Saskatoon home fell lower by nearly fourteen thousand dollars compared to last week and settled at $335,000. That’s its lowest point this year, and roughly 5K below where it was a year ago. Meanwhile, the four-week median sale price took some small gains rising to $335,700 to claim a year-over-year gain of a bit more than thirteen thousand dollars.

Once again, just one seller managed to close a deal for more money than they had asked, but they scored big with a bonus paid of $10,100, easily the highest overbid we’ve seen in months. Most buyers refused to pay the asking price this week as 49 trades were reported to have sold at an average discount of $15,949.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is available here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra


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