Saskatoon real estate week in review: October 25-31, 2015

Saskatoon real estate week in review: October 25-31, 2015

Happy Halloween!

Up against an unusually strong week for the same period last year, Saskatoon real estate sales fell substantially lower this week to just 63 homes, down from 109 last year, for a weekly decline of 14. New listings moved in the opposite direction growing by ten when compared to the same week a year ago to reach 167, for a weekly gain of 17.

In spite of weaker sales and higher levels of new listings, inventory saw modest declines as 50 listings expired without a sale and came off of the MLS® system. The total number of residential listings on the Saskatoon multiple listing service® sits at 1962 this morning, its lowest point since mid May. Still, that’s just 20 fewer than there were a week ago, and 448 more homes than were available a year ago. Single-family homes inventory sits at 1130 today, down just five from last week’s close, and up from 911 on this date a year ago. Condo inventory slips from 672 last week to 661 today for an annual increase of 208 units. Another 66 listings will expire over the weekend, most likely bringing totals just below 1900 for the first time since the middle of April when it sat at 1869. Thats said, listing have increased during the first week of the month in each of the last four months as sellers rushed to get there listing active again.

The average sale price of a Saskatoon home pushed slightly higher to $346,982 this week, even as more activity in the lower half of the Saskatoon real estate market brought the median sale price lower by fifty-one hundred dollars to $329,900. Meanwhile, the six-week average price fell by just under two thousand dollars from last week to $347,442 for a year-over-year decline of $12,500. The four-week median price inched up five hundred dollars from a week ago to finish the week at $345,000 for a loss of $5,000 from where it stood a year ago.

Overbid sales fell fairly flat as just three buyers found themselves writing an offer that came in above the seller’s asking price. The average overbid amounted to just $767. On the other had, 55 buyers found a seller willing to settle for a discounted sale price which averaged $11,430. Another five sales closed at the full asking price.

Other notable real estate activity this past week included 91 cancelled and withdrawn listings (81 and 10 respectively), 50 expired listings and 99 price changes.

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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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