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Saskatoon real estate week in review for October 14-20, 2018 (edition #607)


The number of Saskatoon real estate sales processed by the multiple listing service® grew by four this week to 58. That’s down just three from the same week last year. Meanwhile, new listings bounced slightly higher growing from 110 last week to 118 for this period. That number is sharply lower on an annual basis. Over the same week last year, 175 Saskatoon homes were added to the MLS®.


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The MLS® inventory of Saskatoon homes available to buyers slipped lower for the fourth consecutive week. By Saturday morning the system showed 1836 residential properties, down 28 from the previous week’s close, and lower than levels recorded a year ago by 184. There are now 1023 single-family homes for sale within the city of Saskatoon, down about 14 percent from a year earlier when inventory in the category was at 1190. Condo numbers remain stubborn at 698, which is lower than it was a year ago, but only by 17.


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Entry level activity dominated the Saskatoon real estate market this week taking the weekly median price down to just $281,000. That’s the lowest number we’ve seen since the first week of 2018. With just two sales over the $500,000 mark, the weekly average price fell sharply as well. It fell lower by 37K from the previous week to just $302,138.


The six-week average price of a Saskatoon home slipped two thousand dollars from the previous week to $319,363 which leaves it lower than it was a year earlier by roughly fifteen thousand dollars. The four-week median price lost nearly four thousand dollars on the week and settled at $320,000 for an annual increase of thirteen thousand dollars.


Price


Buyers won the week negotiating a below list price sale in 53 of the week’s 58 sales with an average discount of $14,918. That number was skewed some by the area 3 sale that went $92,000 below asking price. One seller accepted an offer that exceeded their asking price by $1100.


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.


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More weekly stats and numbers for those who love them.


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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.


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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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.
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