Saskatoon real estate week in review for June 1-7, 2019 (edition #639)

Saskatoon real estate sales cooled considerably compared to last week as the number of residential trades fell to 89, down from 114. That was, however, enough to maintain what is now a nine week trend of annual sales increases. During the same period last year local agents reported 77 Saskatoon homes sold to the MLS system®.

New listings spiked to their highest level for any week this year as 240 property owners looking to take advantage of the strongest spring market in years listed their homes. That number is up from 188 last week, and higher than it was during the same period last year by 31 homes. It appears to be the highest number of Saskatoon homes listed during any single week since mid-May of 2017.

The disparity between sales and listings drove the total number of active listings available to buyers through the multiple listing service® to its highest level this year. This morning there are 1946 residential properties in various categories available on the system, up 67 from last week’s close, but down just 53 from levels recorded last year at this time.

The number of single-family homes for sale fell lower annually from 1155 to 1100. Condo inventory also softened on a year-over year basis. Buyers have 718 to choose from today, down 130 from a year earlier.

An increasing number of entry level buyers showed up this week and lower end sales pushed the median sale price for the week lower to $321,000. Meanwhile, two sales that topped the $800,000 mark, and one that exceeded $900K caused the weekly average to grow to $334,825.

The six-week average price fell lower by about $2500 to $333,379 which is down about three grand from the same week last year. The four-week median price fell by seven hundred dollars from last week to settle at $329,250 to close up annually by just over nine grand.

There was little enthusiasm for overbidding this week. Just one seller got more than their asking price as the buyer of their home paid an $1100 bonus to beat another buyer to a deal. On the other hand, 82 buyers left the negotiating table having ground their seller for a discount that averaged $12,013.

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