Saskatoon real estate week in review for September 16-22, 2018

Saskatoon real estate sales remained stable this week on both a weekly and an annual basis. Local REALTORS® brought 69 firm residential sales to the multiple listing service®, down just three from last week, and up by two compared to the same week last year.

New listings continued to slip lower as they typically do at this time of the year. The total number of Saskatoon homes that showed up as new listings this week was 160, down from 167 the previous week. During the same period last year 189 homes entered the system.

The total number of homes available to buyers through the MLS® in Saskatoon inched higher to 1969 for a weekly increase of eight, and an annual drop of 179. A closer look at the major housing categories shows 1097 single-family detached houses, down from 1262 a year earlier, and 745 condominiums, down from 775 at the close of the same week last year.

The weekly average sale price of a Saskatoon home inched higher to $314,594. Meanwhile, the weekly median fell to $293,000 and reached its lowest point for the year.

The six-week average price took its sixth weekly decline to finish at $320,930. That’s down 30K from where it was a year ago. It’s the lowest number we’ve recorded for this price measure in the past year. The four-week median price broke a four-week losing streak to grow by $2,500 and finish the week at $315,000. That’s about $20,000 lower than it was a year ago.

Seller’s hoping for overbids were shut-out this week. On the other hand 64 of this week’s sales were reported to have sold for less than the asking price. They showed an average discount of $12,761.

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