Saskatoon real estate week in review: May 6-12, 2018

Saskatoon real estate sales fell for the second consecutive week as local agents brought 70 firm deals to the MLS® system, down 15 from last week, and falling short of sales for the same period last year by 20.

New listings, on the other hand, spiked higher to reach their largest volume for any week this year as many of the listings that expired at the end of April began to reappear on the multiple listing service®. A total of 236 new residential listings were added to the MLS® over the past seven days, a gain of 25 compared to the previous week, and up 12 from the same period of 2017.

Following three weeks of stability, the inventory of Saskatoon homes for sale on the MLS® took its largest single week gain for the year as it grew by 95 listings to reach 1888, which is still well below the 2115 homes that were available a year ago. As has been the case since inventory started to fall to four-year lows, the declines can all be attributed to the single-family category. Today there are 986 detached houses for sale, down from 1106 at this time last year. Condo numbers were at 793 this morning, up from 785 on a year-over-year basis.

A bit more activity at the upper end of the Saskatoon real estate market pushed the weekly median price sharply higher too $333,500 but a near absence of luxury home sales brought the average price for the week lower to $337,794. Meanwhile, both of the longer term price measures took some modest gains. The six-week average price of a Saskatoon home grew by about sixteen hundred dollars to $338,863 to find itself well down from last year when it closed this week at $359,834. The four-week median price gained 5K to return to $320,000 down from its peak week for 2017 when it reached $352,500 a year earlier.

Three lucky sellers found themselves accepted offers above their asking price, which I believe is the largest number for any week this year. Those deals closed paying an average bonus of $5,233 which was seriously skewed by an area two sale that reported a sale price that exceeded the asking price by more than thirteen thousand dollars. On the opposite side of the negotiating table, 63 Saskatoon home buyers made off with a discount that averaged $11,647.

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