Saskatoon real estate week in review: July 10-16, 2016

Sales activity reached a seven week high as Saskatoon real estate agents reported 93 firm residential sales to the multiple listing service®, up from 85 last week and down six from the same week last year when 99 sales were reported. The number of new listings processed through the MLS® moved higher and reached 206, not a big surprise given the high number of expired listings recorded last week. Still, fewer new listings came into the system than had over the same period last year when 211 Saskatoon homes were offered for sale.

The inventory of active real estate listings available for purchase on the Saskatoon multiple listing service® edged just slightly lower as it dipped to 2069, a decline of five units from the close of the previous week, and up just 38 properties on an annual basis. Taking a closer look by housing types, we see 1107 single-family homes for sale, down ten from a week ago for a year-over-year decline of 60 properties. In the condo category, inventory grew by five over the course of the week to reach 781, up from 667 at this time last year.

With two residential sales that went above $1 million in the mix, the average sale price for the week reached a new high for this year at $382,788. Strong activity at the upper end of the Saskatoon real estate market pushed the weekly median price to it annual high as well as it reached $365,000. Not to be outdone, the six-week average price also reached its highest point for the 2016 year as it grew by about seven thousand dollars from last week reaching $361,611 for an annual loss of just under five thousand dollars. Meanwhile, the four-week media price recovered from the dip it saw last week and closed at $339,000 for a year-over-year decline of sixty-five hundred dollars.

Even with stronger sales activity buyers did pretty well in negotiations as 83 of 93 sales recorded a price below the asking price, those deals seeing an average discount of $11,832. On the other hand, three sellers did find a buyer willing to pay more than asking and some overbidding on those transactions resulted in an average bonus of $10,233 for those sellers. The remaining seven sales closed at the full asking price.

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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