Saskatoon real estate week in review for October 28 – November 3, 2018

The Saskatoon real estate market recorded the smallest number of residential sales for any week since mid-January 2018. A total of 45 firm deals were reported to the MLS® this week, down from 64 the previous week and falling short of sales for the same period last year by four. This is the fourth consecutive week in which reported sales fell short of the previous year’s numbers.

New listings spiked higher for the period as 151 Saskatoon homes were added to the multiple listing service®. That number is well up from 118 last week but below the 170 listings that entered the system during the same period last year. This is the eight week in a row in which new listings numbers were down annually. The big listing week can largely be attributed to month end expired listings. At the close of October 132 listings came to the end of their term without a sale. Many of those were re-listed for another go at the market.

The inventory of Saskatoon MLS® listings fell lower to 1750 residential properties, its lowest point since April. That number is down 63 from last week’s close. There now are 153 fewer Saskatoon homes for sale than there were a year ago. As of this morning, single-family homes inventory had fallen below 1000 for the first time since spring. We now have 977 detached houses for sale, down from 1121 at this time last year. Condo numbers in the active listings category are at 663 today, just slightly lower than the 676 units available a year ago.

Sales activity was weakest at the entry level this week. Consequently, both the weekly average sale price and the weekly median sale price took some gains to reach $340,307 and $330,000 respectively. The six-week average price grew by more than three thousand dollars for the week and hit $327,157 to realize an annual decline of two thousand dollars. Meanwhile, the four-week median price of a Saskatoon home inched higher to $317,000. That’s up $1000 from last week’s number, but down by more than 24K from a year earlier when it closed the week at $331,250.

Not a single Saskatoon home sold for more than the asking price this week. Meanwhile, 42 of the week’s closed sales recorded a sale price that netted the buyers an average discount of $14,600 off of the listed 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.

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