Saskatoon real estate week in review (#622) for February 2-8, 2019

The Saskatoon real estate market saw a slight decline to residential sales as the total number of homes traded fell to 44 this week, down three from the week before, and a drop of seven when compared against the same period last year. This is the third consecutive during which sales fell short on a year-over-year basis. The weather is undoubtedly having a cooling effect on an already tepid real estate market as people are showing some reluctance to leave the house when they can avoid it.

New listing numbers moved higher in spite of the weather as a large number of home listings that had expired at the end of January came back to the MLS® system for another go. A total of 135 Saskatoon homes entered, or re-entered the system this week, up from 108 the previous week for an annual gain of four.

After taking a solid dip last week the number of Saskatoon homes listed for sale on the multiple listing service® rebounded. By the close of business Friday, total inventory in the residential category had grown by 37 from the previous week’s close reaching 1428. That’s 125 fewer listings than were available a year ago, and the lowest for “week six” of any of the past five years. Included in the mix are 795 single-family homes, down just 27 annually, and 552 condominiums, which represents an annual drop of 96 units.

Slightly more upper end activity moved the median sale price for the week higher to $314,500. With only a few sales above the $500,000 mark the average sale price for the week still managed to decline to $311,904. The six-week average price sipped lower to $307,920 losing about nine thousand dollars on the week to find itself down annually by close to 40K. The four-week median price re-bounded growing by almost fifteen thousand dollars this week and reaching $305,000. That’s good for an annual decline of about 28K.

Seller’s dreaming of multi-bid situations found themselves disappointed as none got more than their asking price. Meanwhile, Saskatoon home buyers found they could grind a bit of a deal as 36 made off with a discount that averaged $13,341.

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