Saskatoon real estate week in review: October 29 - November 5, 2017

Saskatoon real estate week in review: October 29 - November 5, 2017
Saskatoon real estate sales fell flat this week dropping from 74 residential units last week to just 49. While well down on the week, that was enough to beat sales for the same week last year by two.

Meanwhile, the number of new listings added to the Saskatoon multiple listing service® grew to 170 from just 132 the week before as many of the listings that expired at the end of October came back on the market for another go. New listings for the week fell short of numbers generated during the same period a year ago when 196 Saskatoon homes were listed for sale.

For the first time since early March of this year, the number of homes listed for sale on the Saskatoon MLS® system fell just short of a record for the week. As of this morning, we have 1903 active residential listings, about 103 fewer than were for sale a week earlier, and up from 1799 a year ago. During this same week in 2016 there were 1916 Saskatoon homes for sale. Today’s totals show 1121 single-family homes, down 58 from a week ago, but up 151 from levels recorded at this time last year. Available condominiums fell to 676 from 712 last week to finish higher on an annual basis by just five.

For the second consecutive week, more high end home buyers showed up and made a purchase. Close to one-third of this week’s sales were reported to have closed above the $450,000 mark pushing all of our price measures higher. The average sale price for the week hit $377,834 and the median price jumped to $349,900. The six-week average price grew nearly five thousand dollars from last week to reach $329,434 but finished way down from the same week last year when it was at $351,569. The four-week median price closed the week at $331,250 for a weekly increase of just more than six thousand dollars. That was enough to put it ahead of the number we recorded at this time last year by $1,250. This is the first week that the four-week median price has shown a year-over-year increase since early June.

One seller managed to close a deal above their asking price this week netting a $5,000 bonus while 41 of the week’s sales went below list by an average of $13,968. There were a number of new home sales where a sale price that well exceeded the asking price was reported. I typically cull these out of the “over-list” sales, as I did this week, but their presence does mess with the sale price to list price ratios in a couple of the major trading areas. The average discounts for each area have those sales stripped out so as not to skew them.

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

Sales to list price ratio of Saskatoon homes sold through the MLS® the week of October 29, 2017

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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