Saskatoon real estate week in review for September 1-8, 2018

Saskatoon real estate sales took a downward turn as just 51 firm residential sales were reported to the multiple listing service®, well down from 73 the previous week and falling short of numbers generated during the same period a year ago when 56 homes traded hands.

Meanwhile, new listing numbers moved higher to 158, a gain of eight compared to the previous period, but down by nine on an annual basis.

The inventory of active MLS® listings in the residential category grew this week. By Saturday morning, our total number of Saskatoon homes offered for sale sat at 1966, which was 29 more than were available one week earlier. At the close of the same week last year active listings sat at 2104. There are currently 1089 single family homes for sales, compared to 1218 a year earlier. Condominium inventory is at 755, down from 788 at the close of the same week in 2017.

There was a shortage of upper end sales in this week’s numbers. Both the weekly average sale price and the median sale price of a Saskatoon home fell lower to $316,195 and $315,000 respectively. The six-week average price dropped for the third consecutive week to $327,836. That’s about three thousand dollars lower than it was the previous week, and down about $12,500 from a year earlier. The four-week median price finished the week at $314,400. That’s down just six hundred dollars from the previous week but nearly $26,000 lower than it was a year ago.

Sellers hoping for a bidding war to drive their price were largely disappointed this week as just one sale was reporting a sale price above list. Meanwhile, 46 of this week’s home buyers managed a discount averaging $11,924.

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