Saskatoon real estate week in review for August 25 – September 1, 2018

September 1. Another month for the Saskatoon real estate market is in the history books. I was just having a look at sales activity for the month. There are 330 residential sales reported for August, which precisely matches sales for the same month of 2017. That’s certainly not as good as July which posted a hefty increase, but at least it’s not down as so many months have been this year.

As for the week, Saskatoon real estate agents reported 73 firm residential sales, down from 87 last week, and falling short of sales for the same period last year by four.

Meanwhile, a total of 150 Saskatoon homes were listed for sale. That is lower than last week’s number by 21, and well ahead of the new listing numbers generated over the same period last year when 127 properties were listed for sale. This is the third consecutive week during which new listings were up on an annual basis.

As August closed, 124 MLS® listings came to the end of their term without a sale. Those expired listings helped to bring the total inventory of Saskatoon homes for sale on the multiple listing service® lower to 1937. The week closes with active listings, down 100 units from a week earlier, and down 175 from a year ago. Today there are 1077 detached single-family homes for sale, down from 1212 a year ago. Condominium inventory is also lower. It now sits at 748, which is 47 fewer listings than were available at this time last year.

Activity remained strong at the entry level of the real estate market with 21 sales reporting a price of a quarter million dollars or less. The weekly median price managed to grow by 10K but remained lower than usual at $324,100. A couple of sales at $850,000 helped bring the average price for the week higher to $328,194. The six-week average price of a Saskatoon home was down about four thousand dollars from the week before. It fell to $330,596 for an annual decline of seven thousand dollars. The four-week median price also slipped lower dropping about a thousand dollars from last week, and seven thousand dollars from a year ago.

Overbid sales remained higher than normal this week at four. Those lucky sellers saw an average bonus of $5,575 more than they were asking. On the other hand, 63 of this week’s firm deals reported a sale price below the seller’s list price. Buyer’s who managed to grind a bit of a deal netted an average discount of $13,145.

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