Saskatoon real estate week in review for June 22-28, 2019 (edition #642)

Saskatoon real estate sales continued at a steady pace this past week as local REALTORS® reported 102 firm residential trades to our multiple listing service® to match last week’s numbers. Sales for the week were up annually as they have been during 11 of the past 12 weeks. Over the same period last year, the Saskatoon MLS® saw 86 firm trades.

New listing activity cooled, but only slightly as the weekly tally fell to 167, down eight from last week, and a drop of nine from the same week last year.

The total number of Saskatoon homes offered for sale on the multiple listing service slipped slightly from 1977 a week earlier to 1966. That’s the second consecutive weekly decline, and perhaps a signal that the listing inventory has reached its peak for 2019. Numbers will most likely fall again next week as the calendar turns the page and a number of expired listings leave the system. This is about the time of year that we expect listing numbers to begin to decline, and if I’m correct, it will be the first year in five when inventory peaked at fewer than 2000 listings.

A closer look at the major categories of Saskatoon housing shows available single-family homes at 1122, down 20 from a week ago and up just eight annually. Condo numbers grew this week from 714 to 727 but closed the week lower on a year-over-year basis by 111 units.

Very strong sales activity for homes priced above $500,000 drove the weekly median price and the weekly average price sharply higher. Those measures came in at $341,000 and $365,139 respectively. 

The longer-term measures we track stayed pretty stable in comparison. The six-week average price inched up about two thousand dollars from last week’s number and reached $336,282. That’s up about four thousand dollars from the close of the same week last year. The four-week median price edged slightly lower slipping about sixteen hundred dollars to $320K to finish down annually by five thousand dollars.

In spite of the brisk buying activity that occurred across the week, buyers showed little enthusiasm for bidding up prices. Only one resale transaction reported a sale price that exceeded the list price, and that one only went $100 over. Meanwhile, 93 of the week’s sales were reported to have sold below the listed price with an average discount of $13,235 going to those buyers.

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.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra