Saskatoon real estate week in review: May 15-21, 2016

Saskatoon real estate week in review: May 15-21, 2016

It was a dismal week for Saskatoon real estate sales as local agents reported just 82 residential sales to the multiple listing service®. That’s only down four from last week, but it’s well below the 114 home sales that occurred during the same week last year. This is the third consecutive week during which sales fell from the previous year by double digit numbers. Over the three weeks, it amounts to a shortfall of nearly 60 unit sales which will put May’s number well below last year unless there’s a crazy strong close to the month.

For the eighth week in a row, the number of new listings added to the MLS® exceeded 200. This week’s total came in at 218 for a weekly decline of 19 Saskatoon homes and an annual increase of 13.

The inventory of active MLS® listings in the residential category reached a new record high as it closed the week at 2115 homes to beat the previous high of 2093 when listing inventory peaked in 2015 during the final week of June. Today’s totals leave us up by 46 homes from a week ago, and 103 units ahead of where it stood a year ago for the largest year-over-year increase since the final week of March when inventory levels started to moderate some. A closer look at the major housing types shows 1148 single-family homes for sale, up just slightly from 1136 a year ago. Condo inventory comes in at 790 units today, up nearly 100 units from this time last year when 695 condos were displaying a for sale sign.

Brisk activity below the $250,000 mark brought both the weekly median and the weekly average price lower this week, in spite of a few big deals at the opposite end where one sale topped a million dollars and two others registered in the high sevens. The weekly average price was $344,900 and the weekly median price was just $314,900. The six-week average price inched lower as it fell by just over six hundred dollars from a week ago to finish at $348,291 for an annual decline pushing 13K. The four-week median price slipped closer to 2K on the week and settled at $327,000 which is $23,000 lower than it was at this time last year.

Lacklustre sales activity gave buyers a bit more clout at the negotiating table. Just one seller found a buyer who was willing to pay more than the asking price when faced with competitive offers. That one went just $100 over list price. Meanwhile, 75 of this week’s 82 sales went below the list price averaging a strong discount of $13,392. The remaining six deals went for full 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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