Saskatoon real estate week in review for April 20-26, 2019 (edition #633)

The residential side of the Saskatoon real estate market posted its biggest sales week for the calendar year as completed transactions that may have been recorded Good Friday, had the MLS® not been closed for the holiday, added to the week’s numbers. A total of 93 Saskatoon homes traded hands for a weekly increase of 13, and an annual gain of three.

Meanwhile, new listing activity slowed substantially. Local agents brought just 134 new listings into the multiple listing service® which is down 40 units from the week before, and 21 fewer homes than the number offered for sale the same week last year.

Active listing numbers fell slightly from 1773 a week ago to 1763 by Saturday morning. At the close of the previous week, inventory had come within 25 units of matching last year’s number, which was the smallest year-over-year decline in about five months. This week, the gap grew just a bit. When business wrapped up for the same period last year, available MLS® listing had reached 1801.

Today’s totals include 967 single-family homes, which is a 27 unit increase from a year ago. Condominium inventory fell lower this week to 691 for an annual decline of 78 units, a ten percent drop from levels recorded a year ago.

You may recall that upper-end buyers showed up in a fairly big way last week. That continued through this period and the median sale price of a Saskatoon home edged higher to $346,000, even as the average weekly price fell by 10K to $351,605. The six-week average price took its fourth consecutive weekly increase to reach $334,167. That is up less than a thousand dollars from the close of the same week last year, and its highest point on the graph for 2019. The four-week median price continued an upward roll to grow by seven thousand dollars weekly. It closed the week at $333,250 to claim an annual increase of more than thirteen thousand dollars.

This week’s sales mix included four resale properties that sold for more than the asking price. While the average bonus paid amounted to $1350, the majority of that came from one sale that was reportedly completed at a price that was $5100 above the seller’s asking price. The other three buyers overbid by a modest $100 to close on the house they wanted to buy. Meanwhile, 84 of the week’s 93 sales were reported to have sold below the asking price at a discount averaging $13,233.

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