Saskatoon real estate week in review for May 4-10, 2019 (edition #635)

For the fifth consecutive week, home sale numbers came in higher than they were the previous year. Saskatoon real estate agents reported 90 firm deals to the multiple listing service®, down eight from the previous week but ahead of last year’s numbers by twenty sales.

New listings also sky-rocketed as eager sellers tried to get in on what is shaping up to be a strong spring market. A total of 226 Saskatoon homes were offered for sale, up 15 from the previous week. That’s ten fewer homes than we saw listed during the same period last year.

The inventory of active Saskatoon real estate listings spiked sharply higher as numbers grew by 79 across the week to reach 1818. That’s lower than levels recorded last year at this time by 70 homes. A closer look at the major housing categories shows that buyers have a selection of 1010 single-family homes today, an increase of 46 from a week ago, and 24 more than they would have found at this time last year. Condo inventory grew by 17 this week to reach 699 for an annual decline of 94 units, or 12 percent.

On the heels of a week that produced unusually high sales numbers in the range, sales in price categories below $250K fell lower. With strong buying activity of homes priced above the half million dollar mark, the weekly median sale price bounced back to $324,250 and the average sale price finished even higher at $331,188.

The longer-term measures both inched slightly higher this week. The six-week average price grew just fifteen hundred dollars and reached $336,720. That number is down two thousand dollars from the close of the same week last year. The four-week median price jumped by nearly four thousand dollars on the week to hit $332,000 which is up on an annual basis by twelve thousand dollars.

Six lucky Saskatoon homes sellers found themselves in the fortunate position of having multiple offers on their home which drove the contract price higher than the list price by an average of $2,800. That’s the highest number of above list price sales we’ve seen during any week this year and the first time that each major trading area has reported an over list price sale. Meanwhile, 77 Saskatoon homes sold for less than the asking price by an average of $12,388.

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