Saskatoon real estate week in review: October 15-21, 2017

Saskatoon real estate sales in the residential category took a small weekly dip dropping to 61 from 65 the previous week. The year-over-year change in sales numbers was not so small. Local agents reported 103 sales for the same period last year, a week which stood out as a bit of an anomaly in comparison to the sales numbers that surrounded it. Following a seven day period that saw 181 listings expire from the system without a deal in place, new listings were very strong at 175, up 33 from last week and down two from the same week last year.

The number of residential listings showing an active status on the Saskatoon MLS® continued to decline for the fourth consecutive week and reached 2020 by this morning. That number is down just 17 from last week’s close, for an annual increase of 151 homes. A closer look at the major housing categories shows 715 Saskatoon condos for sale, down from 733 a week earlier, and up from 688 a year ago. There are now 1190 single-family detached homes on the Saskatoon multiple listing service®, down one from last week’s close for an annual increase of 168 properties.

Very soft activity for homes priced above the $400,000 mark brought the median and average prices for the week down to $296,900 and $307,215 respectively. The six-week average price fell six thousand dollars to $334,212 to reach its lowest point this year. In fact, that’s the lowest that it’s been during any week since early 2013. That number amounts to an annual decline of $18,558. After sliding steadily for three consecutive weeks to reach its lowest point in nearly five years, the four-week median price took a slight upward turn and grew by a bit more than $1500 to $307,450 to take a year-over-year loss of $27,550.

A couple of hot listings in “Area 2” saw some overbids this week netting those sellers an average bonus of $1,100 while three others found a buyer willing to pay their asking price. Meanwhile, 56 of this week’s 61 sales reported a price below the seller’s list price with an average discount shown of $12,500.

Here is a breakdown of what the sales to listing price ration looked like on each of those 61 deals.

Sale to list price ratio for Saskatoon homes sold through the MLS from October 15-21, 2017

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