Saskatoon real estate week in review (#620) for January 19-25, 2019

The Saskatoon real estate market took a step back on all fronts this week as local agents reported just 47 firm residential sales to the multiple listing service®. That number is down 10 from the previous week’s volume, and lower by nine when compared to sales for the same week last year.

While sales were lukewarm at best, new listing activity plummeted to December-like levels. Just 95 Saskatoon homes hit the market this week, down from 146 the week before, and lower annually by 37 units.

At a time of year when inventory gains are the norm, the number of active MLS® listings available to Saskatoon home buyers retreated modestly. As of this morning, there are 1444 residential properties showing an active status on the multiple listing service®. That’s down nine from last week’s close, and lower than the number available a year earlier when inventory stood at 1536. Today’s total include 803 single-family homes, down from 812 a year ago, and 555 condos, which is five fewer than were available at the close of the same week last year.

The average sale price of a Saskatoon home sold this past week was $317,798 while the median sale price was $303,000. Both of those measures were fairly stable on a weekly basis.

The longer-term measures both took a dive, but again, we are now looking back at some of the smallest sales weeks of the past 12 months and you can’t take much away from that. Still, the six-week average price fell to its lowest point in the chart in five years time. It registered at $309,335 for an annual decline of more than 30K. The four-week median also tumbled into the depths as it settled at $277,250, down more than 50K from the close of the same week last year.

One lusky seller saw a bidding war unfold but buyers were well reserved and the highest bidder paid just $100 more than the asking price. Meanwhile, 44 of the week’s 47 sales was reported to have sold at a discount averaging $16,202.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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