Saskatoon real estate week in review for December 23-29, 2018

The final week of the year for the Saskatoon real estate market was quiet, as it always is. This week marks the bottom of the annual real estate cycle which typically peaks in April, May or June, and then begins a slow and steady decline that finishes here.

Local agents reported just 18 firm residential sales, down for 52 last week, but finishing ahead of Christmas week last year by two. New listings also fell off as just 25 Saskatoon homes were added to the multiple listing service® database, a drop of 50 from the previous week, and down by one compared to the closing week of 2017.

Active MLS® listing inventory fell to its lowest point in a year. As of this morning, there are 1498 residential listings showing an active status on the Saskatoon multiple listing service®, down 35 units from a week ago. Looking back to last year, there were 1607 Saskatoon homes available to buyers as the final week of 2017 closed. Today’s totals include 836 single-family homes for an annual drop of 31. Condo listings total 568, which is just two fewer than were available last year at this time.

Prices were off the charts high with four of this week’s 18 sales recording a sale price exceeding $500K. The weekly median price came in at $379,500 and the weekly average was $431,744. The six-week average price grew by close to three thousand dollars from last week and reached $337,439. That’s down from the closing week of 2017 by about twenty-eight hundred dollars. The four-week median price also took some gains, up $8,500 from last week to $328,000. That was enough to claim an annual increase of four thousand dollars.

Two sellers were lucky enough to secure an offer at their asking price. The other 16 gave up some dough to make a deal netting buyers an average discount of $15,0000.

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.

As another year for the Saskatoon real estate market draws to a close, I thank you for continuing to show up here to read my work. I wish you and yours the very best that 2019 has to offer.

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