Saskatoon real estate week in review for November 18-24, 2018

For the past six weeks, Saskatoon real estate sales numbers have failed to meet those recorded during the same period the year before. Finally, that trend broke this week as local agents brought 66 firm residential sales to the multiple listing service® for a weekly gain of 28 sales, enough to match numbers from the same week last year.

New listing numbers also moved sharply higher coming in at 145. That’s up from last week by 41 and exceeds activity for the same period last year by 29 Saskatoon homes.

The number of Saskatoon homes offered for sale on the MLS® grew slightly this week to 1742, up ten from last week’s close, but down by 114 listings on an annual basis. A closer look at the major housing types shows that buyers have 980 single-family homes to choose from, down 80 from this time a year ago. Condominium inventory is at 650 today. That’s 28 fewer than could be found on the system at this time in 2017.

Upper-end activity remained strong but it couldn’t match the previous week’s steam, even with a sale above a million dollars in the mix, something that has happened far less frequently this year than it has in recent years. There have been only five Saskatoon home sales that topped the million dollar mark so far this year. In 2017 there were 14. This week, the average price of a Saskatoon home fell lower to $331,226 and the weekly median price slipped to $319,500. Meanwhile, the six-week average price of a Saskatoon home inched lower to $333,421. That’s down from a year earlier by less than three thousand dollars. The four-week median price slipped $2500 from the week before to settle at $330,000 which is exactly where it stood a year ago.

For the second consecutive week, we have a lucky seller reporting a sale at more than the asking price, this time by just a thousand dollars. Buyers did manage to grind a discount on 59 of this week’s 66 sales. Those discounts averaged $14,859.

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