Saskatoon real estate week in review: November 6-12, 2016

Saskatoon real estate week in review: November 6-12, 2016

Saskatoon real estate sales continued to show softness during this shortened week as local agents reported just 45 sales to the multiple listing service®. That number represents a weekly decline of two, and a drop of seven units when compared against sales for the same period of 2015. New listings also fell lower as 161 homes were added to the MLS®, down 30 from last week, but higher than the number added over the same period last year by 43.

Two consecutive weeks of softer sales activity, combined with a heavy flow of new listings brought the inventory of active residential listings higher for the first time in five weeks. As of this morning, there are 1825 MLS listings showing an active status, up 26 from last week’s close, but down from 1917 a year ago. Both major housing categories saw gains this week as the number of single-family homes for sale grew by four to reach 984, for an annual loss of 101 listings. Condo inventory moved higher by 13 this week reaching 674, up from 658 a year ago.

Some continued strength at the upper end of the Saskatoon real estate market, combined with a near absence of sales below the $200K mark brought both the weekly median price and the weekly average higher to $345,000 and $355,602 respectively. The four-week median price managed to hold its ground at $330,000 for the second week in a row. That leaves it down fifteen thousand dollars from where it stood a year earlier. The six-week average fell lower to $346,362 for a weekly drop of about five thousand bucks to record an annual loss of a bit more than eight thousand dollars.

Sellers hoping for an above list sale were completely shut out, and just three found a buyer willing to pay their asking price. Meanwhile, 42 of this week;s 45 deals closed below list price delivering an average discount of $12,144.

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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