Saskatoon real estate week in review: September 18-24, 2016

Saskatoon real estate week in review: September 18-24, 2016

The number of firms sales reported to the multiple listing service® softened on both a weekly and an annual basis. Saskatoon real estate agents brought in 81 deals, down two from last week to fall short of numbers generated during the same week last year by 15 homes. New listings slipped lower by three from a week ago to 168 which is 35 fewer new listings than were processed over the same period of 2015.

The inventory of active MLS® listings continued to fall and closed the week at 1958, down 29 from the previous week’s close, and lower than where it stood a year ago by 101 properties. Most of the drop can still be attributed to declines in the single-family home inventory which closed the week at 1071, down from 1165 a year ago. Condo inventory continues to record year-over-year increases as it now sits at 721 units, up from 688 at this time last year.

In spite of a sale that came in at $1.2 million, a softening in upper end trades brought the weekly median price down by nearly thirty thousand dollars from last week to $322,900. The average sale price fell less declining just over 10K to $338,092. Meanwhile, both of our longer term measures also slipped lower with the six-week average sale price of a Saskatoon home sliding to $344,934. That’s roughly two thousand lower than it was the previous week and just a thousand dollars above where it sat at the close of the same week last year. The four-week median fell nearly nine grand to settle at $335,000 which is just one hundred and twelve dollars higher than it was a year ago.

A full 25 percent of this week’s deals sold for the full asking price, while just one went for more, that deal netting the seller a $5,100 bonus. Another 61 sales closed for less than the seller’s asking price with a large average discount of $14,974. Area 4 sales saw a huge average discount of $25,560 due to a few small sales that went $40,000 to $45,000 below list.

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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