Saskatoon real estate week in review for March 9-15, 2019 (edition #627)

Saskatoon real estate sales in the residential category grew to 58 this past week for a weekly increase of eight. The number of sales matched those reported for the same week last year.

New listing activity continued to heat up as 162 Saskatoon homes were offered for sale on the multiple listing service®. That number is identical to those recorded the previous week and higher than we saw during the same period a year earlier by nine.

The inventory of active MLS® listings grew by 48 this week to reach 1554. That’s down 97 units from a year earlier. While total active listing numbers remain at their lowest level for the close of week 10 for the past five years, current levels leave us with the smallest annual decline that we’ve seen this year. Spring is just around the corner and we will expect to see these numbers grow each week until late June or early July when inventory should reach its annual peak.

Today, there are 860 single-family homes showing an active status on the MLS®, down just 19 listings from a year earlier. There are 601 Saskatoon condominiums for sale today. That’s about a 12 percent decline from this time last year when 680 condos were available to buyers.

Sales activity remained strong at the market’s entry-level (under $200K) and the weekly median slipped lower again to $315,000. A shortage of sales above the $500,000 mark took the weekly average lower to $318,303.

The six-week average price fell about forty-five hundred dollars from last week to close this period at $330,183 for an annual increase of two thousand dollars. Meanwhile, the four-week median price slipped modestly. It was down less than five hundred dollars from the previous week to $324,575 taking an annual gain approaching fifteen thousand dollars.

For the first time in a few weeks, we saw some competitive buyer activity that drove sale prices above the seller’s asking price. Three resale properties reported a sale price that was, on average, $1983 more than the seller had asked when they listed their home for sale. Buyers largely won at the negotiating table as 46 of 58 sales reported a sale price that was $13,218 below the seller’s listed price, on average.

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