Saskatoon real estate week in review: April 29 – May 5, 2018

Saskatoon real estate agents had another strong, spring-like week with 85 home sales going firm, down five from the previous week. That’s six fewer sales than we saw during the same week of 2017.

New listings spiked above the 200 mark for the first time this year as 211 Saskatoon homes were added to the multiple listing service® for a weekly gain of 56 and an annual decline of 71.

A total of 96 listings met the end of their term without a sale causing the inventory of MLS® listings to dip slightly to 1793. That number is down eight from the previous week’s close, and well below the 2056 Saskatoon homes that were available a year ago. This was the third consecutive week in which no real gains were made to the inventory, something that’s a bit unusual for the season. Most years, we continue to see inventory grow for another two months before it reaches its peak. Today, we have a total of 739 condominiums for sale, down from 785 a year earlier. The number of available single-family homes is at 952, down from the 1106 listings that could be found on the system at the same point in 2017.

Activity at the Saskatoon real estate market’s entry-level remained strong keeping the weekly median price of a Saskatoon home on the low side at just $310,000. A handful of big-dollar trades including two homes that averaged sale prices in excess of a million bucks brought the average price for the week sharply higher to $344,882. As always, the longer term price measures level those highs and lows a bit. The six-week average price edged higher by about three thousand dollars to reach $337,202 which is nearly 22K lower than it was a year ago. The four-week median price slid five thousand dollars below the previous week to $315,000 to take an annual loss of $35,000. It’s worth pointing out that even while both of these measures are at or near their five-year lows, they were hitting some high points at this time last year that were oddly out sync with the longer terms trend.

Even with reports of multiple offers occurring on numerous trades, not a single seller managed to bag an offer for more than their asking price. Meanwhile, 74 of the week’s 85 sales were reporting a price below the list price to generate an average discount of $13,143.

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