Saskatoon real estate week in review for April 27 – May 3, 2019 (edition #634)

It was another solid week for the Saskatoon real estate market as sales activity reached a new annual peak. Local agents reported 98 residential sales to the MLS® this week, an increase of five compared to the previous period. Sales were up from the same week last year by 13. This was the fourth consecutive week in which sales were higher on an annual basis. This streak of strong activity resulted in a 14% year-over-year increase in unit sales for April within the city and an 18% annual increase in the greater Saskatoon region.

The new listing activity also grew as nearly 40 more Saskatoon homes hit the market compared to the previous week. Those numbers still fell well short of last year’s which saw 211 listings come to the system.

A week of robust sales activity combined with a typical number of expired listings that tend to come with the turning of the calendar, brought inventory numbers lower for the second week in a row. As of this morning, Saskatoon home buyers could find 1739 residential properties showing an active status on the multiple listing service®. That’s down from 1763 a week ago. At the close of the same week last year there were 1793 Saskatoon homes for sale.

Single-family homes numbers slipped lower to 954 which is about even with last year’s total. Condominium inventory declined by ten on a weekly basis to start the new week at 681 for an annual drop of 58 units.

Following a couple of weeks of sales activity that was dominated by upper-end activity, first-time buyers showed up in a big way to offer on entry-level product. With 38 sales reporting a sale price below the quarter-million-dollar mark, both the weekly median sale price and the weekly average plunged lower to $285,950 and $315,586 respectively.

Meanwhile, the six-week average price edged up about a thousand bucks from last week to reach $335,190. That’s roughly two thousand dollars lower than it was at the close of the same week last year. The four-week median price fell five thousand dollars on the week to settle at $328,250 to remain higher on an annual basis by $13,250.

Three sales were reported to have sold above the asking price this past week. Those deals averaged an overbid of just seven hundred dollars. Another 87 sales went below the seller’s asking price netting buyers an average discount of $12,599.

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