Saskatoon real estate week in review: November 27 - December 3, 2016

Saskatoon real estate week in review: November 27 - December 3, 2016

After three consecutive weeks in which Saskatoon real estate sales fell lower on an annual basis, activity improved and local REALTORS® reported 68 firm residential deals to the MLS, an increase of 14 from last week, and up six when compared against sales for the same week last year. New listings surged higher as a good number of listings that expired at the end of November came back to the system for another go at the market. Over the course of the week, 146 new listings were added to the multiple listing service®, up 39 from last week’s totals to top listings generated for the same period last year by 23 homes.

With slightly stronger sales and listing expiries totalling 136 units, the inventory of residential MLS® listings fell by 100 units this week to 1709. That’s just 53 fewer homes than were available at this time a year ago. All of the declines can be credited to single-family homes inventory which sits at 915 today, down for 961 a year ago. Condo numbers are at 640, up from 596 a year ago.

Prices remained largely unchanged as the average sale price of a Saskatoon home inched up to $338,335 and the median slipped modestly to $327,500. The six-week average price moved up a couple of hundred dollars to $344,382 and recorded a year-over-year decline of twelve thousand dollars. The four-week median price slipped $3500 to close the week at $337,000 for an annual loss of eight thousand dollars.

A few lucky sellers found an eager buyer who agreed to pay more than the asking price when they were confronted with a little competition from another buyer. Those deals closed with an average overbid of $8,566. Meanwhile, another six homes sold for the full price, most of those were new homes. The remaining 59 sales went below the asking price netting an average discount of $13,585.

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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