Saskatoon real estate week in review for May 11-17, 2019 (edition #636)

Saskatoon real estate sales in the residential category were higher than they were for the same period last year, now for the sixth consecutive week. Local REALTORS® firmed up 95 transactions in the category for a weekly gain of five and an annual increase of nine.

New listing activity remained seasonally strong. While the number of homes that were added to the MLS® fell five from the previous week, it grew by 15 units annually to reach 219.

The number of Saskatoon homes available to home buyers through the multiple listing service® continued to climb and reached 1890 by this morning. That brings a weekly increase of 78 properties and an annual decline of just 63. While active residential listings have remained at their lowest point in five years (for each week) most of this year we are close enough to last year’s numbers that the streak could end anytime. Weekly new listings should begin to decline very soon but we are still a month to two months away from seeing total inventory numbers reach their peak and it’s looking like we will easily eclipse 2000 listing before that happens.

Today’s totals include 708 Saskatoon condominiums, up nine from last week, but down 86 units from the close of the same week last year. Meanwhile, the number single-family homes that are offered for sale through the MLS® within the city of Saskatoon grew to 1060 for a weekly increase of 50. At this time last year there were 1032 Saskatoon houses for sale.

Upper end activity remained strong this past week and the weekly median price inched slightly higher to $325,000. A couple of sales that together added more than $2 million in dollar volume helped boost the average price of a Saskatoon home higher by nearly 25K this week to $355,979. The six-week average price took its fifth consecutive weekly gain and reached $340,074 which is nearly ten thousand dollars higher than it was at the close of the same period last year. The four-week median price moved in the opposite direction as it fell seven thousand dollars compared to the previous week to close ahead annually by close to fifteen thousand dollars.

Sellers hoping that multiple bids on their home might drive up the closing price were largely disappointed. Just two sales reported an above list price sale. One of those sellers picked up a $5,600 bonus, the other settled for $100 more than they had asked. Across the negotiating table, 85 Saskatoon home buyers closed a deal with an average discount of $11,373.

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