Saskatoon real estate week in review: June 12-18, 2016

Saskatoon real estate week in review: June 12-18, 2016

Saskatoon real estate sales saw a modest increase this week growing to 92 homes, up just two sales from last week to finish well below last year’s numbers of 113. New listing numbers fell on a weekly and an annual basis as local agents added just 208 Saskatoon homes to the MLS® system, down 24 units from the week before and falling short of listings generated during the sale week last year by 22.

The total number of residential listings available to buyers through the multiple listing service® came off of its annual high this week as it slipped lower by just six properties from a week ago to settle at 2134. Single-family inventory declined by ten homes this week falling to 1137 for an annual decrease of 74 listings and a percentage decline of six. Meanwhile, condo inventory grew by five this week to reach 810, well up from 664 at the close of the same week last year. That’s roughly a 22 percent increase from last year’s levels.

A more typical mix of upper and lower end sales brought the weekly median price and the weekly average price back in line. Those two measures came in at $341,000 and $357,621 respectively. The four-week median price moved higher gaining nearly five grand from last week to reach a new record high for 2016 at $342,000. That number is still below last year’s number for this particular week by close to ten thousand dollars. The six-week average price also took some gains, but they were far more modest at just five hundred dollars. Still, at $358,791 there was only one other week this year that produced a higher six-week average price, and only by six hundred dollars. It’s still 5K below where it was a year ago. While prices appear to be higher than they have been at any time this year it’s important to understand that basic averages and median prices can be a bit deceiving in a changing market, especially one that is plump with inventory of one specific type, in this case, apartments. I’ve included some charts this week that show price index changes for single-family homes and townhomes, both of which are experiencing price growth, and then apartments which are moving in the opposite direction.

Of the 92 deals that went form this week, 79 were reported to have sold below the asking price with an average discount of $10,727. Across the negotiating table, two sellers came away with more than they were asking netting an average bonus of $800. Meanwhile, 11 sales closed at the 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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