Saskatoon real estate week in review for November 11-17, 2018

It was another lacklustre week of sales for the Saskatoon real estate market. By the close of business Friday, just 38 residential sales had been reported to the MLS® system for the week, one fewer than the previous week, and 27 below the numbers that were recorded over the same week last year. This was the sixth consecutive week in which sales fell on an annual basis. As of today, MLS® sales for the city are down about 4.4 percent, year-to-date.

New listing numbers slipped lower by 15 when compared to the previous week, and roughly matched what we saw come on the market over the same period last year. This week’s final tally was 104 Saskatoon homes.

The inventory of residential properties for sale on the multiple listing service® fell for the eighth week in a row to settle at 1732, which is down from a year earlier by 156 units. It looks like we will close the year with fewer active listings than we have had at the end of the last three years, but it’s still high, given the weakened demand that we’re seeing right now.

A closer look by major housing category shows buyers have 979 single-family homes to choose from. That’s down from 1071 a year ago. There are currently 643 Saskatoon condominiums for sale, 28 fewer than were available at this time last year.

Price trends get tricky to follow when weekly sales start to drop between 50 units. It’s typical to see larger than normal swings from one week to the next. That certainly happened this week.

More than 25 percent of this week’s sales recorded a sale price above $450,000 and that pushed the average price for the week significantly higher to $360,828. A mix of sales that leaned towards the upper end ushered the weekly median sale price higher to $359,000. Meanwhile, the six week average price jumped seven thousand dollars above last week’s number to close at $335,048. That’s about where it was a year ago. The four-week median price spiked higher by more than sixteen thousand dollars and reached $332,500 to beat last year’s number by seventy five hundred dollars.

One fortunate seller got a nice holiday bonus as the sale on their home closed at nearly $16,000 more than they had asked when they put up the sign. On the flip side of the negotiating table, 33 buyers wrapped up a deal that provided them with an average discount of $15,462.

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.

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