And, we’re off! The first week of a new year for the Saskatoon real estate market is now behind us.
After closing 2018 with unit sales hitting the trough, residential trades saw a slight increase as 23 properties changed hands, up five from the week before, and down by four compared to the opening week of 2018.
New listings took a massive weekly increases as those numbers grew from just 25 over Christmas week to 102 this period. That number is lower than it was for the same period last year when 117 Saskatoon homes were offered for sale.
The total number of active residential listings on the Saskatoon multiple listing service® hit its lowest point for any single week since early 2015. Today, there are 1371 Saskatoon homes available for home buyers, a drop of 127 from last week’s close, and down about a hundred units from where it stood as the 2018 calendar year began.
The largest declines are seen in the condominium inventory which fell from 582 a year ago to 525 today. While condo sales have been showing some gains in recent months the math is telling me that most of the inventory decline can be attributed to the hefty number of year end expired listings which will likely resurface in the weeks ahead. The number of detached homes for sale slipped from 808 a year ago to 764 today. Again, this category shows a weekly decline of 72. With total sales for the week at just 23 units, these drops are also the result of expired listings.
Let’s not read much into the pricing data as averages are very unreliable when there are hardly any sales. That said, the weekly median price of a Saskatoon home slipped to just $279,500. That’s the lowest weekly median we’ve seen since the opening week of 2018. With just one sale reporting a price above $500,000 the weekly average was also low at $307,317. The six-week average price slipped lower by a couple of thousand dollars from last week to settle at $335,777. That’s about where it was at the close of the same week a year ago. The four-week median price fell $5500 from last week to close this period at $322,450. It claimed an annual increase of $4500.
One Saskatoon home seller made off with a deal that was $100 above asking price, while 19 others found themselves being ground for a discount that averaged $13,763.
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.
More weekly stats and numbers for those who love them.
Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Please feel free to call or text me at 306-241-6676 or reach me by email at norm at teamfisher dot com.
Royal LePage Vidorra