Saskatoon real estate week in review: March 4-10, 2018

Saskatoon real estate sales continued at what seems like a seasonally appropriate pace as local agents reported 52 firm residential sales to the MLS® system, down four from last week, and down by one compared to the same week a year ago.

The new listing activity came in at 155 to fall behind the previous week’s number by just two units and falling short of new listings for the same week last year by 11. This was the 18th consecutive week during which new listings fell below levels recorded the previous year so there seems to be a clear trend developing here.

The number of Saskatoon homes listed for sale on the multiple listing service® saw its largest weekly increase of the year as inventory grew by 55 to reach 1611. Still, that number is down 172 units (10%) from where it stood a year ago. It’s the second week in which active listings numbers fell below the 2015 line on our chart, meaning we’re at a three year low for this particular week. Available single-family homes are at 864 today, down from 937 a year ago. Condo inventory is at 660 this morning, down from 694 last year.

Pretty solid activity at the entry-level price ranges and a poor showing of sales above $500,000 ushered both the weekly average price and the weekly median price lower to $312,051 and $297,500 respectively. The six-week average price fell about nine thousand dollars from last week’s close to settle at $329,034 which is its lowest point since November of last year and nearly 14K lower than it was a year ago. The four-week median price edged lower dropping two thousand dollars from last week to $310,000. That is also a low point since November of last year, and also down 14K annually.

One lucky Saskatoon home seller saw some bidding activity that led to an above list price sale with just a small bonus of $100 being offered by the buyer. Meanwhile, 44 of the week’s sales closed at a price that was below the seller’s asking price by an average of $11,835.

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.

Note: The highlighted sale was being marketed by a builder with a suggested house plan. It ended up trading to another builder as a vacant lot. I have dealt with that sale as if the list price matched the sale price to avoid a $10,000 skewing of the average discount for Area 1.

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