Saskatoon real estate week in review for January 6-12, 2019

The second week of 2019 is now in the books and the Saskatoon real estate market showed a little promise. Local REALTORS® reported 39 firm residential trades to the multiple listing service®, up 16 from the previous week, and enough to top sales for the same week last year by seven.

New listing activity also grew. Over the course of the past week, 138 Saskatoon homes were added to the MLS® for a weekly gain of 36 and a year-over-year decline of 18.

Active listing inventory began to climb after having fallen to its lowest point in a year the previous week. Today, there are 1409 residential listings showing an active status, up 38 from the last week’s close and down annually by 113.

A closer look at the major housing types reveals that buyers have a selection of 783 single-family homes, down just marginally from 817 at this time last year. Condominium inventory is now at 546 after growning by 21 since last week. That is well down from the 607 units that were available a year ago.

Prices fell lower by every measure we track. The small number of sales that occur at this time of year provides for some pretty erratic spikes and dips from one week to the next, so these should be viewed suspiciously.

This week saw not a single sale over the $500,000 mark. Further, there were two mobile home sales that didn’t amount to $15,000 between them. Add to that mix 10 residential sales reporting a price below the $150,000 mark and you get a recipe for wild swings. The median price (the point at which half of all sales are above, and half are below) of a Saskatoon home was just $230,000, while the average sale price for the week was $238,976.

Our longer-term measures are equally suspect as they’re based on the smallest sample of sales that the two measures will likely include during any week this year. These two measures both made some weekly declines that were nothing compared to the solid lumps they took when comparing numbers from a year ago. The six-week average price edge slipped by more than 10K on a weekly basis to reach $318,182 falling lower annually by about 18K. Meanwhile, the four-week median price fell more than 35K from last week to settle at $286,000 to claim an annual loss of $49,000.

One lucky home seller saw a little overbidding activity that drove the closing price of their home above the asking price by $6,100 while 36 of this week’s trades produced a sale netting the buyer an average discount of $16,673.

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 618th 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