Saskatoon real estate week in review: October 2-8, 2016

For the third consecutive week Saskatoon real estate sales headed lower. Local REALTORS® reported just 54 firm residential sales to the Saskatoon multiple listing service® over the past seven days, down 13 from the previous period to close lower on an annual basis by 18 homes. New listings moved in the opposite direction, spiking rather handily as 234 listings were added to the MLS® for a weekly increase of 51 units, and an annual gain of 75 Saskatoon homes.

The inventory of residential listings on the Saskatoon MLS® diverted from what appears to have become the seasonal trend of decline to jump higher to 1920 homes leaving us ahead of where we sat at this time last week by 68 homes, and down 103 units from the close of the same week last year. This type of growth is not entirely unusual for the first week of the month as some of the listings that expired at the close of September come back for another go at the market.

Today we see 1,049 single-family homes for sale within the city of Saskatoon, down from 1,161 a year ago. Condo inventory, which recorded its first annual decline in well over three years last week lost the battle and is now showing annual gains again as it climbed to 703 units, up from 679 at the close of the same week in 2015.

You may recall that last week the Saskatoon MLS® recorded its first local sale ever over the $2 million mark. That happened a second time this week as another luxury home located at the Willows Golf Community found a willing buyer. Still, a much higher percentage of lower end sales ushered the median sale price for the week down by more than 20K to $334,500. With seven of this week’s sales recording a sale price greater than 500K the weekly average sale price remained lofty for a second week in a row at $372,489. Meanwhile, the six-week median-priced edged up gaining just a few hundred dollars over the week to close at $352,599. That amounts to an annual increase of about five thousand dollars. The four-week median price slipped lower by 5K to $340,000 and also finished higher than it was at this time last year by five thousand dollars.

Saskatoon home sellers got skunked this week with no overbid sales. Likewise, no homes were reported to have sold for the full asking price. Every buyer who signed on the dotted line this week netted an average discount of $10,829.

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