Saskatoon real estate week in review for March 2-8, 2019 (edition #626)

Full disclosure: this week’s sales included two mobile homes on rented land. Given the fairly low numbers of sale overall, they were really skewing prices, especially in area one. I removed these homes from the average and median price calculations for the week but left them for the longer term measures where they were distributed over a larger sample and had less of an impact.

Sales numbers followed a fairly predictable path, given the season, as Saskatoon real estate agents reported 50 firm residential sales to the multiple listing service®, down just one from the previous week, and down two when compared to the same week last year.

Meanwhile, new listing activity came on like a spring rush as 162 Saskatoon homes hit the MLS® system. That number exceeds listings for the previous week by 25 for an annual increase of seven.

The disparity between firm sales and new listings brought about the largest single-week gain to Saskatoon’s MLS® listings inventory that we’ve seen this year. Overall, available listings grew to 1506, up from 1427 at least week’s close, and down from the 1611 Saskatoon homes available to buyers at the same point of 2018.

Condominium inventory closed the week at 599, down roughly ten percent from levels recorded a year earlier. This morning there are 820 single-family homes for sale in Saskatoon, down from 864 a year ago.

A larger number of purchases toward the market’s entry-level brought the weekly median price sharply lower to $320,000. The average price of a Saskatoon home this week followed along to finish the week at $335,305.

The six-week average price was stable compared to the previous week. It came in at $334,638 which is up annually by a bit more than five thousand dollars. The four-week median price took its sixth consecutive weekly increase as it moved higher to $325,000, up from $310,000 at the close of the same week last year.

Once again, overbid sales were nowhere to be found, aside from a few new home sales that likely wrapped up with some negotiated extras driving up the price. Buyers won a bit of a discount in 45 of 50 sales this week. Those sales closed below the seller’s asking price by an average of $12,200.

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