Saskatoon real estate week in review: November 13-19, 2016

Following two weeks of pretty soft residential sales Saskatoon real estate activity bounced back this week. Local agents reported 69 firm sales to the MLS®, up from 45 last week, but down six when compared against activity for the same period last year. New listing activity slipped slightly lower to 155, a drop of six from last week, still enough to finish ahead of last year by a dozen listings.

The number of active MLS listings in the residential category grew again for the second consecutive week. Total listings come in at 1830 today, up just five from a week ago. Inventory was headed downward in a hurry at this time last year so this year’s levels are closer to last year’s than they have been in more than two months. We have just 55 fewer listings than could be found on the system a year ago. Single-family homes sit at 987, down from 1069 last year while condo listings reached 670 for a year-over-year increase of 33 units.

Higher-end home sales dominated this week and that pushed the weekly median price up about 18K compared to last week as it reached $362,900. The weekly average also bolted higher to $371,002 largely driven upwards by two sales that topped the $1 million mark. Those two sales bring our total for 2016 to 16, a new record for sales exceeding a million bucks. The four-week median price took some sharp gains this week growing by about fifteen thousand dollars to $345,000 which is down five thousand dollars from a year ago, but as high as it has been at any point this year. The six-week average price grew by a few hundred dollars to hit $346,628 for an annual loss of nine thousand dollars.

For the second consecutive week, there were no Saskatoon home sellers who got an above list price sale though seven did find a buyer willing to pay full pop. The other 62 deals went for less than the asking price netting an average discount of $16,502. That average was very much skewed by huge discounts on the three highest-priced home sales which collectively dropped about $250K below their combined 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