Saskatoon real estate week in review for September 29 – October 6, 2018

It was a solid week for the Saskatoon real estate market. Local REALTORS® reported a total of 77 residential sales to the multiple listing service®. That number is down three from the previous week, and well up from the 61 Saskatoon homes that traded hands over the same period last year.

Meanwhile, the number of new listings processed through the MLS® grew to 171 as a slew of listings met the end of their term and re-entered the system for another go. While listings grew by 20 on a weekly basis, the numbers were substantially lower than they were over the same week last year when 219 Saskatoon homes were offered up for sale.

The total number of homes offered for sale on the Saskatoon MLS® system continued to fall lower, this week dipping below 1900 for the first time since the middle of May. The final tally, as of this morning was 1898, down 57 from a week ago, and 169 fewer homes than the number that could be found on the system a year ago. We are once again into that “lower than it has been for this week in four years time” area, but only marginally.

Single-family homes inventory has seen the greatest decline. There were 1264 of the available at the close of the same week last year. Today, there are just 1057. Condo inventory is also down. It’s now at 725, down from 735 a year earlier.

The median sale price of a Saskatoon home was $327,500 for the week. With fewer home sales above the $500,000 mark and nothing that sold for more than $635K, the average price for the week slipped lower to $316,925. The six-week average price broke a six-week losing streak as it edged up just under a thousand dollars from last week’s close reaching $320,271. That leaves it lower on an annual basis by roughly eighteen thousand dollars. The four-week median price also moved higher as it grew by $2250 from a week earlier and closed the period at $317,250. That’s actually higher than it was at the close of the same week last year when it had taken a wild dive to just $308,500.

Remarkably, two seller’s put a deal to bed with an overbid, both of them in the five-figure range. The buyer’s of those two homes coughed up an extra $15,100 in one case, and $10,100 in the other for an average overbid of $12,600. Buyers insisted on some give from the seller in 69 of this week’s 77 deals. Those went firm below the seller’s listed price by an average of $13,081.

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