Saskatoon real estate week in review for December 16-22, 2018

Residential sales saw both a weekly and an annual increase of eight this week as Saskatoon real estate agents reported 52 local trades to the MLS®.

New listings continued to fall lower as they always do in the final weeks of the year. A total of 75 Saskatoon homes were added to the system this week, down from 86 the previous week, and below the 87 listings that were added to the system over the same week last year.

Listing inventory also continued on a slow downward trend. As of this morning, there are 1533 active MLS® listings in the residential category, down 63 units from last week’s close, and lower than it was at the end of the same week last year by 103.

A closer look at the major housing categories shows 570 active condo listings within the city of Saskatoon. That number falls lower than it was a year ago by 57. Today, there are 867 single-family homes for sale now, down just 33 from a year earlier.

The median sale price for the week fell to $297,500 to reach its lowest level in nearly three months as high-end home buyers took a holiday break. With just four sales hitting numbers above $500K the weekly average also took a plunge as it fell to just $310,783. Both of the longer-term measures we track followed suit. The six-week average price dropped six thousand dollars to $334,743 and closed the week down from a year ago by just seven hundred dollars. Meanwhile, the four-week median price lost $5500 from a week earlier. It settled at $319,500 to find itself lower than it was a year ago by $1750.

One seller picked up a solid bonus as buyers bid up the price of their home to close $12,600 higher than the asking price, while 49 of this week’s buyers managed to negotiate a discount averaging $11,577.

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.

Wishing a very Merry Christmas to those who celebrate. I hope you all enjoy a peaceful and relaxing holiday.

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