Saskatoon real estate week in review: February 18-24, 2018

Saskatoon real estate agents reported 51 firm residential sales to the multiple listing service® this week, down four from the previous week, to fall short of numbers recorded for the same period last year by just one. As of today, total residential sales for the calendar year are roughly on par with where they were at this time in 2017. Where January had produced some healthy increases in the number of homes that traded (compared to the previous January), some momentum has been lost in February and it appears that we may see modest year-over-year declines by the time the dust settles at month end.

Meanwhile, the number of new listings added to the MLS® fell lower on an annual basis for the eighth consecutive week. A total of just 106 Saskatoon homes hit the market this week, a decline of seven from last week, and down from 133 for the same period a year ago.

As of this morning, the total number of active MLS® listings for Saskatoon in the residential category sits at 1573, up just 14 from last week’s close, and down by 148 (about an 8.5% decline) from the close of the same week last year. While still very early in the year, this is definitely the slowest early-year growth that we’ve seen in a few years. Buyers have just 836 single-family homes to choose from, down from 894 at this time last year. Condo inventory is also lower than it was a year ago, by 30 units. Today there are 653 Saskatoon condos for sale on the multiple listing service®.

With far fewer trades reporting a sale price exceeding $500K, and a good measure of Saskatoon homes selling at price points below $250,000 both the weekly median price and the weekly average fell lower to just $307,000 and $316,675 respectively. Coming off of a strong drop last week, the six-week average price grew by nearly $2,500 from last week to finish at $337,436 and claiming an annual increase of roughly $1,600. The four-week median price slipped more than six thousand dollars from the previous week to $329,500. That was up 13K from where it sat at the close of the same week last year.

Buyers largely won at the negotiating table this week as not a single seller saw an offer come in above their asking price. In fact, 48 of the week’s 51 firm sales were reported to have sold below list price netting the buyer an average discount of $16,102.

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 here. Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale.Less...

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale. Known locally as an impact leader he supports many organizations that serve our community’s most vulnerable people like the Saskatoon Interval House, the YWCA Crisis Shelter, the Lighthouse, the Friendship Inn and others. He has participated in several physically daunting charitable challenges and helped raise over one million dollars for women's shelters across Canada. Additionally, he’s a charter member of 100 Men Who Give a Damn in Saskatoon, a group of local philanthropists who are driven to bring positive change to those in need within our community. Fisher is a licensed real estate broker and owner of Royal LePage Vidorra, a boutique brokerage known for technology and innovation.

Note: We are in the process of bringing this blog home to the domain and we have a lot of stuff to move! Another 1400 posts can be found at where they'll remain until we can get them moved here.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.
Google Analytics Alternative