The Saskatoon real estate market recorded the smallest number of residential sales for any week since mid-January 2018. A total of 45 firm deals were reported to the MLS® this week, down from 64 the previous week and falling short of sales for the same period last year by four. This is the fourth consecutive week in which reported sales fell short of the previous year’s numbers.

New listings spiked higher for the period as 151 Saskatoon homes were added to the multiple listing service®. That number is well up from 118 last week but below the 170 listings that entered the system during the same period last year. This is the eight week in a row in which new listings numbers were down annually. The big listing week can largely be attributed to month end expired listings. At the close of October 132 listings came to the end of their term without a sale. Many of those were re-listed for another go at the market.

The inventory of Saskatoon MLS® listings fell lower to 1750 residential properties, its lowest point since April. That number is down 63 from last week’s close. There now are 153 fewer Saskatoon homes for sale than there were a year ago. As of this morning, single-family homes inventory had fallen below 1000 for the first time since spring. We now have 977 detached houses for sale, down from 1121 at this time last year. Condo numbers in the active listings category are at 663 today, just slightly lower than the 676 units available a year ago.

Sales activity was weakest at the entry level this week. Consequently, both the weekly average sale price and the weekly median sale price took some gains to reach $340,307 and $330,000 respectively. The six-week average price grew by more than three thousand dollars for the week and hit $327,157 to realize an annual decline of two thousand dollars. Meanwhile, the four-week median price of a Saskatoon home inched higher to $317,000. That’s up $1000 from last week’s number, but down by more than 24K from a year earlier when it closed the week at $331,250.

Not a single Saskatoon home sold for more than the asking price this week. Meanwhile, 42 of the week’s closed sales recorded a sale price that netted the buyers an average discount of $14,600 off of the listed price.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

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

Saskatoon real estate sales saw a slight increase this week as local agents reported 64 firm residential transactions to the multiple listing service®, up from 58 for the previous week, but down 10 units when compared to sales for the same period last year.

The number of new listings added to the MLS® matched last week’s totals at 118. That number is lower than it was over the same week last year by 14.

The total number of Saskatoon homes available to home buyers through the local MLS® slipped lower again to 1813. That’s down just 21 from last week’s close, and lower than it was on the same day last year by 193 properties. Once again, the majority of the annual declines are counted in the single-family homes category which has fallen lower from 1179 at this time last year to 1004 today. Condo inventory is also down but to a lesser degree. Today, Saskatoon home buyers can find a selection of 695 condos on the MLS®, down from 712 a year ago.

On the heels of a week that was dominated by entry level sales, the average price of a Saskatoon home bounces higher by more than thirty grand to reach $336,056. The median price for the week saw a 42K gain as it climbed to more typical levels at $321,000. The six-week average price moved higher by about four thousand dollars compared to last week. It settled at just a thousand dollars below the number recorded for the same period last year. Meanwhile, the four-week median price lost four thousand dollars from a week earlier as it slipped to $316,000 for an annual decline of nine thousand dollars.

Sellers hoping to create a bidding war were shut out this week. No resale properties reported a sale price above the seller’s asking price. On the other hand, 60 Saskatoon homes traded after a negotiation that led to a discount for the buyer. The average drop from the list price was $13,055.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.

More weekly stats and numbers for those who love them.

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