Saskatoon real estate week in review: October 2-7, 2017

Saskatoon real estate sales activity fell from last week but managed to post some annual gains for the first time in eight weeks. Local REALTORS® reported a total of 61 firm residential sales, down from 70 the previous week, but up from 54 when compared to the same period last year. Meanwhile, the number of new listings added to the MLS® grew to 219, the highest number seen during any single week since mid-July. This high listing level can be largely attributed to renewals for some of the near 200 listings that expired without a sale over the closing days of September.

Total active residential listings available to Saskatoon home buyers through the multiple listing service® reached their lowest level since June as the number moderated to 2067. That’s 50 fewer homes than were available a week earlier, but still well ahead of the 1920 properties for sale a year earlier. Most of the weekly decline was in single-family homes category which fell from 1264 last week to 1220 by Saturday morning. That leaves us up from a year earlier by 171 houses. Condo inventory sits at 735 today, down from 745 last week and up from 703 at this time last year.

With decent sales activity in all price ranges below 500K the weekly median price grew by nearly $50,000 from a week earlier to $335,000 while the average price of a Saskatoon home increased to $327,258. Still, both of our longer term price measures fell lower this week. The six-week average price of a local home slipped to $338,287. That’s about $26,000 below its annual peak, and just a few thousand dollars above its lowest point for the year which was recorded in mid-February. Looking back a year ago, we see a six-week average price that was fourteen thousand dollars higher than it is today. A significant decline in high end real estate sales over several weeks has ushered the four-week median price lower for the fourth consecutive week to its lowest point this year, $308,500. That’s roughly ten percent lower than it was at the close of the same week last year.

Sellers dreaming of an above list price offer had their hopes dashed this week. Eight lucky sellers managed to close a deal at their asking price, while 53 of the week’s 61 sales were reported to have sold at a discount that averaged $12,700.

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