Saskatoon real estate week in review: February 7-13, 2016

Saskatoon real estate sales remained flat on a week-over week basis as local agents reported just 56 firm residential sales to the multiple listing service®, down from 63 for the same week last year. Meanwhile, the number of new listings added to the MLS® surged higher. A total of 186 residential properties were offered for sale, up nine from last week and well exceeding the numbers recorded during the same period last year by 26 homes.

After a few weeks of very slow movement including one unanticipated drop, the database of active MLS® listings made up for lost ground as it spiked higher to 1684 Saskatoon homes. That amounts to a weekly increase of 65 units, up on an annual basis by 184. Today’s totals include 910 singe-family homes, up from 883 last week. That’s enough for an annual increase of 53 properties. Condo inventory currently sits at 616, up from 576 at last week’s close for a year-over-year gain of 106 units.

A reasonable mix of sales between the entry level and the upper end kept the median sale price of a Saskatoon home fairly stable this week at $327,500 even while a good handful of sales above the $500K mark pushed the weekly average sale price higher to $342,667. One “mobile home” sale at $12,000 kept it from shooting even higher. In longer term measures, this week saw the six-week average grow by four thousand dollars to reach $353,585 which is down nearly seven thousand dollars from levels recorded at this time last years. Meanwhile, the four-week median price made some modest gains increasing by three thousand dollars from last week to reach $338,000 to finish precisely where it had a year earlier.

This week brought some stories of multiple offers on a few hot listings. I can attest to two such scenarios that happened with agents in my office. Still, only one buyer made an offer above the seller’s asking price, that one paying a bonus of just $1000 to the lucky recipient. Another five sellers did manage to wrap up a deal for their full asking price while 49 of this week’s 56 deals dealt the buyer a discount that averaged a solid $14,308.

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