Saskatoon real estate week in review: May 20-26, 2018

The Saskatoon real estate market saw modest declines in both sales and new listings this past week. Local REALTORS® reported 70 firm residential transactions, a drop of 16 from the previous week, which is down the same amount from numbers generated during the same time period last year. New listings took a larger slide from 204 last week to just 170, down from 203 last year.

That large gap between sales and new listings, combined with fewer expired and canceled listings served to drive inventory higher for the third consecutive week. That’s not particularly unusual at this time of the year, but as the black line on the active listing chart indicates, we’re making some quick, large gains that might move us out of the “four-year historical lows” area that we’ve been in for the past thirteen weeks. By early Saturday morning, the number of Saskatoon homes for sale on the multiple listing service® had grown to 1997, up from 1953 at the previous week’s close but still well down from the 2174 listings that could be found on the MLS® at this time last year. Taking a closer look at the two major categories of housing shows 1055 active single-family homes listings, down from 1194 a year ago, and 817 condominiums for sale, also down from 823.

Fewer entry-level sales over the past seven days brought the weekly median price and the week average sharply higher to $333,250 and $333,905 respectively. The longer-term measures that we follow both moved in the same direction. The six-week average price of a Saskatoon home hit $333,827 for a weekly increase of about three grand, and a hefty annual decline of 24K. The four-week median price grew even more and reached $320,000 for a weekly increase approaching $10,000. It posted an even larger annual decline as it fell from $357,806 at the close of the same week a year ago.

Two Saskatoon home sellers got a lucky break and received offers exceeding their asking price with an average overbid of $2100. Meanwhile, 65 of the week’s sales were reported a price below the seller’s offering with an average discount of $13,135 being reported.

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

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale.Less...

As a collaborating partner on 'The Value-Driven Approach To Sell Real Estate' project, Norm shows Saskatoon homeowners how to find hidden, tax-free profits in their home sale. Known locally as an impact leader he supports many organizations that serve our community’s most vulnerable people like the Saskatoon Interval House, the YWCA Crisis Shelter, the Lighthouse, the Friendship Inn and others. He has participated in several physically daunting charitable challenges and helped raise over one million dollars for women's shelters across Canada. Additionally, he’s a charter member of 100 Men Who Give a Damn in Saskatoon, a group of local philanthropists who are driven to bring positive change to those in need within our community. Fisher is a licensed real estate broker and owner of Royal LePage Vidorra, a boutique brokerage known for technology and innovation.

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The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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