Saskatoon real estate week in review: November 5-11, 2017

Saskatoon real estate week in review: November 5-11, 2017

The number of local homes that traded hands through the Saskatoon multiple listing service® bounced back this week with 72 firm deals being processed, an increase of 23 from the previous week. That was enough to top sales for the same period last year by 27 units. The number of new Saskatoon real estate listings in the residential category slipped lower to 161 for a weekly decline of nine homes, matching numbers recorded for the same week last year.

Following six weeks of slow but steady declines, the active listing inventory of Saskatoon homes grew marginally this week to 1910, up seven from last week’s close for an annual gain of just 85 properties. That’s the smallest year-over-year increase to the MLS® since the end of June. The closing number was also low enough to keep it slightly below record levels for the second consecutive week, but just barely. At the close of the same week of 2015 total active residential listings sat at 1917. A closer look by major housing types shows condo inventory sitting at 685 today, up just 11 from a year earlier. The greatest annual gains can be counted in the single-family home category which swelled to 1107 from 984 a year ago.

Slightly softer buying activity at the upper end of the market brought the median sale price of a Saskatoon home lower to $330,000. The weekly average followed along and slipped to $355,511. Meanwhile, the six-week average price took its second consecutive gain, following a pretty solid losing streak that brought it to its lowest point in the past five years. That measure moved higher by seven thousand dollars to reach $337,734 to record an annual loss of roughly eleven thousand dollars. The four-week median price fell lower to $327,500 for a weekly drop of less than 5K. That’s just twenty-five hundred dollars lower than it was a year ago.

Sellers wishing for an overbid offer were disappointed this week and not a single sale was reported to have occurred above the asking price. On the flip side of the negotiating table, 68 of this week’s 72 buyers insisted on some give from the seller to close. Those buyers netted a hefty average discount of $14,046.

Here is a breakdown of what the sales to listing price ration looked like on this week’s sales.

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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