Saskatoon real estate week in review: July 2-8, 2017

Saskatoon real estate week in review: July 2-8, 2017

Saskatoon real estate sales lost some steam for the second week in a row as residential sales fell to just 70 units, down from 90 the previous week. That’s 15 fewer homes than were sold during the same week last year. The majority of this week’s sales were on the east side of Saskatoon with areas three through five reporting just 12 firm deals.

New listing activity was strong, as it almost always is during the first week of the month when the expired listings that were removed from the system as the previous month closed are re-listed for another go at the market. This week saw 200 Saskatoon homes added to the multiple listing service®, beating the previous week’s numbers by 16, and ahead of the same period last year by ten.

The number of Saskatoon homes listed for sale on the MLS® grew slightly. As of this morning, there is a total of 2169 residential properties offered for sale. That’s higher than the previous week’s close by just 16 and ahead of levels recorded at the close of the same week last year by 95. Saskatoon home buyers have a selection of 1212 single-family homes, well up from 1089 a year earlier. Condo inventory sits at 800, up just 17 from numbers recorded for this category a year earlier.

Over the past couple of weeks, high-end housing activity has buoyed prices significantly. This week, with 29 sales reported to have sold below the $300,000 mark, both the weekly average price and the weekly median price of a Saskatoon home tumbled to $346,858 and $324,950 respectively. The six-week average price still managed to make some small weekly gains as it closed at $351,827 to record an annual loss of just more than two thousand dollars. The four-week median price inched lower to $329,000 to find itself down on an annual basis by a little less than three thousand dollars.

Overbid sales continue to be sparse. This week - non-existent. Six fortunate sellers did manage to secure an offer at their asking price. The remaining 64 sales were reported to have sold below the seller's asking price with an average discount of $13,369.

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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