Saskatoon real estate week in review for February 23 – March 1, 2019 (edition #625)

Saskatoon real estate sales slipped lower this week, falling from 59 the previous period to 51. That total was short of numbers recorded for the same week last year by just five. This year’s market looks a lot like last year’s. As February closed, the MLS® system of the Saskatoon Region Association of REALTORS® had recorded 412 residential sales, year-to-date, exactly matching the production for the first two months of 2018.

The number of new listings that entered the MLS® system grew from 105 last week to 137 this week, which is down 20 units on an annual basis.

Active residential listings within the city of Saskatoon remained low in comparison to almost any point over the past five years. As business wrapped up for the week, inventory levels were at 1427, up just one unit from a week earlier. At the same time last year, buyers had an additional 130 Saskatoon homes to choose from. That’s far lower (300-400 homes) than it was in 2016 and 2017 when inventory levels were pushing towards new record highs.

The largest declines are seen in the condo category which has slipped to 567 from 650 a year ago. Today, there are 771 single-family homes for sale in Saskatoon, for an annual decline of 56 houses.

Even without any million dollar listings in the weekly mix, the average price of a Saskatoon home inched higher to $346,159. The weekly median jumped by 60K to reach $379,000 as upper-end home buyers showed up to get a deal done.

The longer-term price measures fell well below last year’s levels through January, but they have slowly been gaining ground through February.

The six-week average price took its third consecutive weekly increase to finish the period at $334,767 for a gain of close to six thousand dollars. That still comes up short of where it was a year earlier by just over three thousand dollars. The four-week median price grew for the fifth week in a row. It closed 12K higher than it did at the end of the previous period to finish with a ten thousand dollar annual gain. Still, sample sizes remain small and price data should be taken with a grain of salt.

Not a single sale reported a final price that was above asking price, except for a couple of brand new homes. Those exceptions very likely closed with additional improvements being negotiated into the over-list sale price. Meanwhile, 46 of the week’s 51 sales went below the asking price generating an average discount of $10,654.

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.

Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.

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