Saskatoon real estate week in review (#621) for January 26 – February 1 2019

Saskatoon real estate agents reported 47 firm residential sales to the multiple listing service® over the past week matching numbers recorded the week before. That left us short by nine sales when comparing the numbers against results from the same week last year. That said, January proved to be a decent month with 201 Saskatoon homes trading hands, even with January 2018.

New listings saw increased activity compared to the previous week while falling well below last year’s activity for the same week. Local REALTORS® added 108 Saskatoon residential properties to the MLS®, up from 95 a week earlier, but a decline of 26 from the same period last year.

The total number of Saskatoon homes listed for sale on the multiple listing service® fell lower as the final week of January closed and 103 listings expired without a sale. As of this morning, the MLS® system showed 1391 properties, down from 1444 at last week’s close, and down further from the close of the same week last year when 1518 properties showed an active status.

In that mix, we have 767 single-family homes, down from 794 a year ago. Condo inventory has fallen even further to settle at 546 today, down from 636 at this time last year. A 15 percent drop in this category is encouraging and reflective of the massive decline in the number of new condominiums that are completed but unoccupied.

The average price of a Saskatoon home took a jump this week thanks to a couple of big sales. It reached $344,528. The median price for the week also edged higher to $308,000. Both of the longer-term measures we track recovered a bit. The six-week average price grew nearly eight thousand dollars from the week before to reach $316,809 which is still nearly 25K below the levels it had reached a year earlier. The four-week median price grew to $289,750. That’s up about twelve thousand dollars from last week but a remarkable 50K lower than it was at the close of the same week in 2018.

There were two overbid sales this past week, both fairly substantial at $51,100 and $16,600. Meanwhile, 41 of the week’s sales closed below the seller’s asking price netting those buyers an average discount of $13,485.

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.

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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