Saskatoon real estate week in review: February 28 - March 5, 2016

Saskatoon real estate week in review: February 28 - March 5, 2016

The number of homes reported sold by Saskatoon real estate agents slipped lower this week to 50, down four from the previous week to fall well short of numbers recorded for the same week last year when 68 residential sales were sent to the multiple listing service®.

New listings shot substantially higher as many of the 84 listings that expired as February closed where ushered back into the system. The local MLS® processed 243 residential listings through the week, up from 181 last week for an annual gain of 56 homes when compared against the same week from 2015.

Even as 84 listings expired without a sale at month end, the total number of Saskatoon homes for sale on the multiple listing service® took a solid step higher growing from 1750 last week to reach 1811 by this morning for an annual increase of 236 homes. By category, today’s single-family homes inventory shows annual increases of roughly ten percent as it reaches 937 properties, up from 854 at this time last year. Condo inventory moved higher by 26 units this week to reach 702, up from 541 last year, for an annual increase of 30 percent.

With just three sales above $500K contributing to the mix, and a solid handful of sub-$200K sales, the weekly median price and the weekly average both fell lower to $307,500 and $321,810 respectively. While we have seen a lower weekly median price this year, the weekly average is the lowest recorded in well over a year. Both longer term measures took a bath as well. The six-week average price slipped more than five thousand dollars over the week to reach $335,283. That’s the lowest we’ve seen since March of 2013, and about eighteen thousand dollars lower than it was a year ago. Meanwhile, the four-week median price fell to $320,000. That’s down five thousand dollars from last week, ten thousand dollars lower than it was last year at this time last year, and at its lowest point since early 2015.

47 of this weeks 50 sales were reported to have sold below the asking price by an average discount of $9,339. The remaining three homes went for full list price. There were no overbid sales this week.

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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