Saskatoon real estate week in review: March 11-17, 2018

Saskatoon real estate week in review: March 11-17, 2018

The number of Saskatoon homes that traded through the multiple listing service® inched higher this week to 58, a gain of five from the previous period. At the same time, total units sales fell short of numbers recorded last year for the sixth consecutive week. Saskatoon real estate agents reported 69 firm home sales over the same period of time in 2017.

Sales may be down, but new listings have fallen considerably more, now trailing the previous year’s numbers for the eleventh week in a row. Local agents added 153 Saskatoon homes to the MLS® system this week, down two from the previous week. That’s 23 fewer properties than were offered up during the same week last year.

The database of active residential listings available to Saskatoon home buyers continued to grow, as it reliably does from one week to the next at this time of year. By the week’s end there were 1651 residential properties for sale on our multiple listing service within Saskatoon city limits, up 40 from a week earlier, and well below the 1837 homes that were for sale a year ago. This is the third consecutive week in which listing inventory has fallen below 2015 levels. In other words, this is the smallest selection of homes that have been available at this time of year in four years. A closer look at the major housing categories shows 879 single-family homes for sale in Saskatoon, a gain of 15 from the previous period, and 79 fewer than were for sale a year ago. Condominium inventory is now at 680, up 20 from last week, and down 37 from levels seen at this time last year.

Strengthened activity at the upper end of the Saskatoon real estate market, including the first local home sale to top the million dollar mark this year, pushed the weekly average sale price higher to $351,650. A decent showing of home buyers purchasing above the $350,000 mark also brought the weekly median price higher to $320,000. Still, the six-week average sale price found a new low for the 2018 year at $328,014. That’s down about 15K from a year earlier. The four-week median price is also at its lowest levels of the 2018 year, even though it matched last week’s number of $310,000. That price measure is down sixteen thousand dollars from where it was a year ago.

A little springtime home buyer enthusiasm was apparent this week, particularly in area two where three homes sold for more than the list price, bringing the total number of overbid sales to four. That’s the most we’ve seen during any given week for many months. That said, overbids were fairly small, averaging just $600 with one of the three homes taking the lion’s share of that seller bonus ($2,100). Meanwhile, 45 Saskatoon homes were reported to have sold for less than the asking price netting those buyers a tidy discount of $16,002.

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.

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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