Saskatoon real estate week in review for October 7-13, 2018

Saskatoon real estate sales took a solid dive this week as local REALTORS® reported just 54 firm sales to the multiple listing service®, down from 77 last week, and falling short of sales recorded for the same period last year when 65 homes traded.

New listing numbers continued to fall as well. This week, just 110 Saskatoon homes hit the MLS®. That’s well down from the previous period which counted 171 residential listings, which is 32 fewer homes than we saw enter the system over the same week last year.

Active listing inventory continued to fall at a rate that seems appropriate for the season. By this morning, Saskatoon home buyers could find 1864 properties for sale within Saskatoon city limits. That number is down 34 from a week ago, and further down from 2037 a year ago. Buyers can find just 1045 single-family homes in the MLS® today. That’s down about 12 percent from a year ago when 1191 detached houses were available. Condo inventory fell to 704 today, a drop of 29 from this time last year.

The median sale price of a Saskatoon home jumped 30K compared to the week before, thanks to more upper end activity. The average price also rallied upwards to $339,715. The six-week average price managed a second consecutive weekly gain as it climbed to $321,442. That’s still about nineteen thousand dollars lower than it was a year ago, and clearly still towards its low point for the year. The four-week median price also gained some ground as it grew by sixty-seven hundred dollars this week to reach $323,950. That’s good for an annual gain of 17K.

When all was said and done, 48 of this week’s buyers stood in for a discount on the home they bought. Those drops averaged $15,199. No seller saw an overbid sale this week.

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