Saskatoon real estate week in review: May 27 - June 2, 2018

Saskatoon real estate week in review: May 27 - June 2, 2018

The number of Saskatoon home sales grew to 86 this week, up from 70 for the previous week, but fell well short of matching numbers generated during the same period of 2017 when 102 local properties traded. New listings also grew as Saskatoon real estate agents added 209 residential listings to the MLS® system, way up from 170 the week before, but significantly down from the 247 homes that were listed during the same week last year.

As the month of May closed, 80 residential listings came to the end of their term without a sale. Another 81 home listings were either canceled or withdrawn this week. While a good number of these failed listings would have come back to be counted a second time as a “new listing”, more listings came out than went in over the period, and consequently, the number of Saskatoon homes listed for sale on the multiple listing service® fell lower to 1955, down from 1997 at last week’s close, and down just more than 200 on a year-over-year basis. At just 1038, there are close to 150 fewer single-family homes for sale than there were a year ago. Available condominium options sit at 791, down from 818 a year earlier.

A fairly consistent distribution of sales across various price ranges kept both the weekly average sale price and the weekly median price pretty stable at $338,360 and $327,000 respectively. The longer-term measures also changed little. The six-week average price inched slightly lower as it slipped just over thirteen hundred dollars to $332,680. That’s about eighteen thousand dollars lower than it was a year ago. The four-week median price took a small increase as it grew by two thousand dollars from last week’s close to reach $322,000. That measure is at it’s highest point since the middle of March but is still down eighteen thousand dollars annually. If there’s any notable change in these longer-term price measures, it’s more about what happened last year at this time, than what’s going on now. You can see that both the six-week average and the four-week median price took a huge jump through the early spring weeks of 2017. By this point of last year, those large gains were starting to fall off. With more stable pricing this year, we are seeing the massive year-over-year declines in these two measures begin to moderate quite a bit now, due to last year’s declines through this period.

Once again, two Saskatoon home sellers found some love in the market and ended up selling for more than they were asking, those sale prices were most likely driven up by a little competition amongst buyers. One of those two deals closed nearly 13K above list, while the other got a bonus of around five thousand. Another 75 deals were reported to have sold for less than the asking price. In those cases, buyers netted an average discount of $13.944.

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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