Saskatoon real estate week in review for September 23-29, 2018

The final week of September delivered strong sales numbers as Saskatoon real estate agents reported a total of 80 firms deals to the multiple listings service®, up from 69 last week, and ahead of sales for the same period last year by ten. The month will close with 272 residential sales to claim a small gain over September 2017 when 261 Saskatoon homes traded hands through the MLS®. This will be the third consecutive month in which sales came in at or above numbers recorded the previous year.

New listing numbers trailed lower this week at 151, down nine from the previous week and well below the 183 homes that were listed over the same period last year.

MLS® inventory slipped lower, but not by much. As of this morning, home buyers had a choice of 1955 properties, down from 1969 at last week’s close, and down further from 2117 a year ago. Looking closer at the major housing categories, I count 1087 single-family homes for sale, well below the number that could be found at the close of the same week last year, 1264. Condo inventory is steady at 745, exactly where it was both a week and a year ago.

Both the weekly median price and the average sale price of a Saskatoon home moved higher this week as more upper-end sales were recorded. Those measures came in at $332,773 and $320,000 respectively.

The six-week average price fell lower for the seventh week in a row to settle at $319,385. That’s down more than $23,000 in a year. This measure’s low point in the chart got me digging into historical numbers and I could not find a number this lower since the close of March 2012.

The four-week median price was stable at $315,000. That’s where it was at last week’s close, and down just $2,000 from the same week last year.

One lucky seller saw an above list price offer that earned them a bonus of $10,100 more than they had asked. On the other hand, 72 of this week’s deals closed below asking price and netted the buyers a hefty average discount of $14,199.

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