Saskatoon real estate week in review: February 25 – March 3, 2018

Local REALTORS® reported a total of 56 firm residential trades within the city of Saskatoon, an increase of five from the previous week, but well below the 75 sales reported over the same week of last year. There have been a number of up weeks, and a handful of down weeks so far this year. As February closed, and wiped out most of the year-to-date sales gains that were recorded in January, we found ourselves roughly on par with sales generated over the first two months of 2017.

New listing activity, which had been declining over the past six weeks, took a big jump forward. Saskatoon real estate agents brought 156 Saskatoon homes to the MLS® database this past week, up from 106 last week. That said, this was the ninth consecutive week in which new listings fell on an annual basis, this week rather substantially. By the close of the same week in 2017, the multiple listing service® of Saskatoon had added 234 properties.

The total number of active listings for sale on the MLS® shrank this week to 1556, down 17 properties from last week’s close, for an annual decline of 188. That brings inventory to its lowest point for this particular week in four years. While we have many weeks of potential seasonal growth ahead of us, weekly gains have been unusually small so far in 2018. We opened the year with 1469 active listings so we are up fewer than 100 Saskatoon homes since the new year got underway. There are currently 827 single-family homes for sale in Saskatoon, down 70 from a year earlier. Condominium inventory is now at 650, down from 690 a year ago.

A strong measure of entry-level home sales kept the weekly median sales price of a Saskatoon home low at just $310,000 this week, even as the average price took some modest gains and grew to $320,873. The four-week median price tumbled lower by nearly 15K this week to settle at just $312,000. That represents an annual drop of fourteen thousand dollars. Meanwhile, the six-week average price inched higher, growing by less than a thousand dollars from last week to $338,163 and taking an annual loss of nearly six thousand dollars.

All but one Saskatoon home seller took an offer that was below their asking price. Those deals generated an average discount of $11,893. That’s well down from the unusually large average discount of $16,102 that we saw the previous week.

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