Saskatoon real estate week in review: March 5 - 11, 2017

On the heels of the most productive sales week this year, Saskatoon real estate sales softened. Local agents reported just 53 firm residential deals to the multiple listing service® which is down from 72 last week. During the same week a year ago 75 Saskatoon homes traded hands. 

Meanwhile, the number of new listings added to the MLS® also fell lower to 166. That’s well below the 234 homes that came onto the market last week, and just marginally lower than the 169 homes listed over the same period last year.

The number of Saskatoon homes listed for sale on the multiple listing service® gained some ground as it climbed by 45 units this week to reach 1783, down from 1832 a year earlier. Today’s totals show 937 single-family homes for sale, down just slightly from 955 at the close of the same week in 2016. Condo inventory sits at 694 today for an increase of just four from a week earlier, and down by 14 from a year ago.

You may recall that a solid chunk of last week’s market was at the upper-end of the value range. That pushed the weekly average and median prices much higher. With more than ten percent of this week’s sales exceeding $500,000 there was no lack of upper-end activity but with 22 sales below the $300,000 mark, both the weekly average and the weekly median fell sharply lower to $339,949 and $315,000 respectively. The longer term measures held their ground with the six-week average slipping just a thousand dollars to $342,847 to claim an annual increase of roughly seven thousand dollars. The four-week median price fell twice as much from the previous week to settle at $324,000 which is down just $1000 from a year earlier.

Overbid action was shut out again. I think that’s five or six weeks now since anyone paid more than asking price but seven sellers did get full price offers, all of those new homes. The remaining 47 deals closed at a price that was less than the seller had asked delivering an average discount of $13,743.

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