Saskatoon real estate week in review for May 25-31, 2019 (edition #638)

Saskatoon home sales reached their highest level for any single week since the spring of 2015. Local real estate agents firmed up 114 residential transactions, well ahead of the 73 deals that were recorded last week. For the eighth consecutive week, home sale numbers topped those recorded during the same period of 2018. Looking back to last year, this particular week saw 86 home sales reported to the multiple listing service®.

As the week drew to a close, so did the month of May. Today, the Saskatoon MLS® shows 423 homes sales within the city, up from 364 last May, and the highest number of residential sales for any month since July 2015. May will mark the fourth consecutive month of growing demand leaving us up roughly ten percent compared to the same period last year.

Meanwhile, new listing numbers fell lower on an annual basis. Saskatoon real estate agents produced 188 new MLS® listings, down from 209 for the same week last year, but up from 147 for the previous period.

The total number of Saskatoon homes for sale on the multiple listing service slipped lower as it often does at month end. As May closed, 76 property listings came to the end of their term with no success. A robust sales week also helped bring the inventory lower. This morning there were 1879 active residential listings, down from 1910 at last week’s close, and further down from the 1953 homes that were for sale at this time last year.

Single-family homes inventory fell 11 from last week to 1068 to record an annual increase of 13 units. The number of Saskatoon condos for sale slipped from 709 last week to 691 today. That’s 126 fewer units than were available a year ago.

Strong sales numbers at price points just above the average brought the median price of a Saskatoon home higher to $347,000 this week. The weekly average price took more modest gains and grew to $334,083.

The six-week average price slipped close to five thousand dollars from last week to settle at $336,161. However, that’s up about thirty-five hundred dollars when compared against numbers from the same week last year. The four-week median price grew by close to ten grand from last week’s close and reached $329,950 for an annual increase of roughly eight thousand dollars.

Four lucky sellers closed a deal for more than their asking price this week. Those multiple bid situations netted those sellers an average bonus of $7,913. Meanwhile, 95 buyers came away from the negotiating table with a sale price that delivered an average discount of $11,419 off of the list price.

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