CONTACT

Saskatoon real estate week in review: February 19-25, 2017


It was another week of up and down activity as Saskatoon real estate sales softened to 52. That’s down from 64 last week and it falls short of numbers posted during the same week a year ago when local agents reported 54 firm residential deal to the multiple listing service®. Still, as February draws nearer to its close, residential sales appear to be on track with last year’s numbers, even as the volume of new listings sees some declines. This week, just 133 listings were added to the inventory. That number is well down from the 156 Saskatoon homes listed the week before, and significantly lower than the 181 properties offered for sale over the same period in 2016. Year-to-date, 1,275 residential properties have been listed for sale on the MLS®. By this time last year, 1,345 new listings had been added to the system.



Saskatoon residential MLS ® sales and new listings for the week of February 19-25, 2017



The inventory of residential property listings available to Saskatoon home buyers inched higher this week as it grew to 1721 for a weekly increase of 14 but still fell below levels recorded a year earlier for the third week in a row. At the close of the same week last year, there were 1750 Saskatoon homes showing an active status on the MLS®. As of this morning, there are 894 single-family homes for sale within the city limits, down just marginally from 918 a year ago. Condo inventory sits at 683 which is just seven units above the level recorded at this time last year.



Active residential listings on the Saskatoon MLS® at February 25, 2017




With just three sales processed above the $500,000 mark and strong activity at the market’s entry-level, both the weekly median and the weekly average price slid lower to $289,950 and $312,384 respectively. I’ve only tracked these two measures on an actual spreadsheet since the beginning of 2016 but both numbers are as low as they’ve ever been over that period of time. This is partially due to a remarkably strong week for condo sales which came in at 19 units, the majority of which were priced below the mid-value point of this week’s sales. Taking a look over some longer periods, the four-week median price fell six thousand dollars from a week ago to $316,500. The six-week average also fell lower to $335,819, losing about four thousand dollars from a week ago. and roughly five thousand down on a year-over-year basis. It's also worth noting that once again, both of the longer-term measures are at a four-year low for this particular week.



Average and median prices for Saskatoon homes sold through the MLS® from February 19-25, 2017




Historical six-week average price of Saskatoon homes sold through the MLS® from February 19-25, 2017



Historical four-week median price of Saskatoon homes sold through the MLS for the week of February 19-25, 2017



If the rumour of “multiple offers” being fairly common at this particular time is true, you wouldn’t know it by looking at overbid sales, which were non-existent in this week’s sales. There were four sellers who reported a property sold at the asking price but all four were new homes, which isn’t that uncommon. Savvy builders tend to know they have to price right at market value. If their product is moving it’s a good sign that they’re doing it right. Meanwhile, 48 of this week’s 52 sales closed below the seller’s list price netting average discounts of $11,998. 



Saskatoon real estate statistics for residential MLS® sales from February 19-25, 2017



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

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

Posts By Date
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