Saskatoon real estate week in review: June 5-11, 2016

Sales softened marginally this week as Saskatoon real estate agents reported just 90 firm residential deals to the multiple listing service®, down from 95 the previous week and well below the 108 units that traded hands during the same week last year. New listings also slipped lower, down just eight from last week to 232, roughly 17 fewer homes than were listed during the same period of time in 2015.

Active MLS® listings increased again and reached a new record high at 2140 homes. That’s up 43 from last week, for an annual gain of 69 Saskatoon homes. Inventory levels, while ahead of last year each week this year have fairly closely tracked last year’s activity. During the 2015 calendar year, active MLS® listings peaked at 2093. That happened next week in 2015. Are we near our peak for this year? It’s anybody’s guess, but it's typically around this time of year that inventory begins to decline. Today’s inventory shows 1147 single-family homes, up from 1129 last week and well down from the 1214 listings that were available to buyers on the same day a year ago. Condo inventory rises again, this week reaching 805 for a weekly increase of 30 for an annual increase of 134 units.

Strong activity at the upper end of the Saskatoon real estate market including two sales that averaged more than a million dollars each pushed the median for the week higher to $364,000 while the average sale price for the week soared to $386,962. Over the longer term, the six-week average price grew to $358,308 coming very close to reaching a new high for the year. It recorded a weekly gain of about nine thousand dollars to close the week down from a year ago by about twenty-five hundred dollars. The four-week median grew by thirty-five hundred dollars from last week to hit $337,400 for an annual loss of fourteen thousand dollars.

Two lucky sellers completed an above list contract with an average bonus of $2,850 while 78 buyers ground themselves a deal that netted an average discount of $13,949. Another ten sales closed at the seller’s 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