Saskatoon real estate week in review for August 5-11, 2018

Saskatoon real estate sales seemingly fell off a cliff this week as the number of firm deals reported to the multiple listing service® slid lower to 63, down sharply from 100 the week before. For the first time in seven weeks, residential sales fell short of numbers recorded during the same period the year before. Last year, there were 87 Saskatoon homes that sold over the same time period.

Fortunately, new listing numbers followed sales and fell to 137, well down from the 175 homes that were offered up last week, and even lower than the 181 new listings that were added to the MLS® over the same period last year.

It’s worth pointing out that this was a short work week with only four reporting days. Sometimes this leads to a smaller volume week that is followed by a period with an unusually high number of sales.

After falling below 2000 for the first time in several months last week, the number of Saskatoon homes for sale on the multiple listing service rebounded to close the week at 2022. That number is down from 2231 at the end of the same week last year and is at its lowest point for this particular week in four years. There are currently 1118 single-family homes for sale in Saskatoon, down from 1277 a year earlier. Condo numbers are now at 774, lower than last year by nearly ten percent.

A smaller mix of lower end home sales brought the median sale price back to a more typical level as it reached $320,000. A solid string of sales above the $450,000 mark caused the weekly average sale price to bounce higher by about 17K to $339,706. Both of our longer-term measures remained fairly stable. The six-week average price of a Saskatoon home inched up just over two grand from last week to reach $337,436 and grew five hundred dollars on an annual basis. The four-week median price increased by about a thousand dollars from last week. It closed at $324,950 to record a year-over-year increase of more than ten thousand dollars.

After a total shutout last week, two sellers found a buyer willing to pay more than their asking price, one by just a hundred dollars, and the other by $5100. Two more homes traded at the full list price. The remaining 59 closed deals reported a price below the seller’s list. Those buyers netted an average discount of $13,517.

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