Saskatoon real estate week in review: November 8-14, 2015

Saskatoon real estate week in review: November 8-14, 2015

Saskatoon real estate sales fell flat this week as the total number of residential sales reported to the multiple listing service® slipped to just 52, the lowest number recoded for any single week since January. That left us down from the previous week by 22 sales to fall short of numbers achieved over the same period a year ago when 81 Saskatoon homes traded.

New listings numbers also plummeted. Saskatoon real estate agents wrote just 118 residential MLS® listings, down from 212 for the previous week, and even falling short of the number of homes listed during the same week last year. 118 listings is the lowest number for any week this year, except for the first week on January when just 52 properties were added to the MLS® database.

Even as new listings fell substantially the database of active MLS® listings remained stubbornly high, actually growing by one this week to 1917 for a year-over-year increase of 401 homes. Taking a closer look at the major categories we find 1085 single family homes offered for sale, up from 897 at this time last year, and 658 Saskatoon condos showing an active status, up from 489 a year ago. For those who prefer percentage comparisons, that leaves us up 21 percent annually in the singe-family category, with higher inventory in the condo market by 35 percent year-over-year. With 768 active listing scheduled to expire between now and the end of the year I expect the active listings chart to look similar to the last couple of years as we close 2015, showing significant declines through December, but finishing the year with higher inventory that the previous year.

Lacking the hefty handful of upper end sales that contributed to last week’s strong average and median price, we see both of these numbers slip this week to $350,286 and $343,400 respectively. Still, the six-week average price managed to grow by about three thousand dollars from last week to finish at $354,781 for an annual drop of ten thousand dollars. The four-week median price edged lower to $345,000 to close down about thirty five hundred dollars from last week, and seven thousand dollars lower than it was a year ago.

Click the image for a larger version of the graph.

Overbid sales were nonexistent this week, but two lucky sellers did mange to find a buyer willing to pay their full asking price. Every other seller gave up some dough to close a deal with the average discount reaching a hefty $13,760.

Other notable real estate activity this past week included 59 cancelled and withdrawn listings (50 and nine respectively), 23 expired listings and 91 price changes.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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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