Saskatoon real estate week in review for January 12-18, 2019

Saskatoon real estate agents continued to post sales numbers that exceeded the previous year’s totals for the second week in a row. This past week, 57 Saskatoon homes traded hands, up from 39 during the previous week and beating sales for the same period last year by nine.

The number of new listings added to the Saskatoon MLS® also grew as 146 properties entered the system for a weekly gain of eight and an annual increase of six.

The number of Saskatoon homes listed for sale continued to grow. By this morning, buyers had a total of 1453 properties to choose from. That’s up 44 units from a week ago, but down 72 from levels recorded at the close of the third week of 2018. A listing search for detached single-family homes shows 801 results today, up from 783 a week earlier, and down from 813 at this time last year. A condo search generates 560 results for a weekly increase of 14 units and an annual decline of 53.

Interestingly, it appears that condo inventory is finally looking manageable. According to numbers recently presented to Saskatoon home builders by CMHC, the supply of multi-family units which are “complete but unabsorbed” has fallen consistently and at a good pace for the past two years. They have slipped from more than 700 vacant units in early 2017 to just over 200 today. Those numbers are at their lowest point since new starts exploded in 2014 and are now at levels which were manageable through the middle years of this decade.

Price figures are still iffy and based on some of the smallest samples we’ll see all year. Consequently, they are subject to wild swings from one week to the next. For instance, the average sale price of a Saskatoon home was $313,777 this past week. That’s about $55,000 higher than it was the week before when not a single home had traded above 500K. The median price also took a huge jump gaining almost $75,000 from the previous period to reach more normal levels at $305,000.

The longer-term measures also show pretty significant change. The six-week average price fell about fifteen thousand dollars from a week earlier to settle at $321,154. That’s also down on an annual basis by an equal amount. The four-week median price finished the week at $298,100 for a weekly decline of 23K and an annual change of $32,000.

Home sellers were completely shut out when it comes to overbidding activity. Meanwhile, 55 of this week’s 57 sales closed at a price that was lower than the seller’s asking price generating an average discount of $14,965.

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.

Thanks for reading TeamFisher’s Saskatoon Real Estate Week in Review, now published for the 619th consecutive week.

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