Saskatoon real estate week in review for August 19-25, 2018

Following two weeks of lacklustre performance, Saskatoon real estate sales rebounded this week as local agents reported a total of 87 residential sales, way up from just 51 the week before. For the first time in three weeks, sales numbers exceeded those recorded over the same period last year when 64 Saskatoon homes traded. This week’s gains makes up for shortfall we saw last week.

Meanwhile, new listing numbers inched higher on an annual basis as 171 Saskatoon homes were added to the MLS® database, up from 160 for the same period last year, but down from last week when 180 residential properties were listed for sale.

The inventory of Saskatoon MLS® listings slipped lower by just eight homes this week to 2037 and recorded an annual decline of 198. A closer look at the major categories shows 1119 single-family homes, down from 1276 a year ago. Condominium numbers have slipped from 848 to 789 over the past 12 months.

The market was unusually active with sales below the $300,000 mark as entry level buyers pushed the median sale price for the week lower to $315,950. The average sale price tumbled harder to $312,348 which is 40K lower than it was last week. Both of the longer term measures we track were down. The six-week average price slipped about four thousand dollars from last week. It’s down about as much from the close of the same week last year. The four-week median price fell further as it slid five thousand dollars from last week to $315,950 and took an annual loss of 19K.

Sellers remained on a pretty good roll this week as five deals closed for more than the asking price producing an average overbid of $3,660. Another 79 sales sold for less than list price with an average discount of $12,384.

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