Saskatoon real estate week in review: October 22-28, 2017

Saskatoon real estate agents had a busy week with 74 residential sales being reported to the multiple listing service®, well up from 61 the previous week, but slightly below numbers generated during the same week last year when 78 sales occurred.

The number of new residential listings added to the Saskatoon MLS® fell sharply to just 132 for a weekly decline of 33. This week’s residential listing numbers fell short of those recorded during the same period a year earlier by 30 homes.

Total active listings for sale on the Saskatoon MLS® slipped lower for the fifth consecutive week but once again settled in above the two thousand mark, most likely for the final time this year. Inventory typically declines as a new month is ushered in and month-end expired listings come off of the system. This week closed with 2006 active residential listings within the Saskatoon city limits, down 14 from a week earlier, but well ahead of the 1832 Saskatoon homes offered for sale on the system a year earlier. The number of single-family homes for sale slipped by 11 units from last week’s close to 1179 and recorded a year-over-year increase of 184 properties. The number of Saskatoon condos for sale fell by just three over the week to 712, an annual increase of 46 units.

Slightly strengthened activity at the upper end of the Saskatoon real estate market, including a sale at $1.2 million pushed prices higher in three of the four measures that we track and report to you. The average sale price of a Saskatoon home came in at $329,836 and the weekly median price grew to $305,125. The four-week median price jumped eighteen thousand dollars this week to rise from its annual lows and reach $325,000. That’s still eight thousand dollars lower than it was a year earlier. The six-week average price bucked the trend and slipped lower from the previous week when it had already reached an annual low. It fell another 10K to close the week at $324,733. That number is about twenty five thousand dollars lower than it was a year ago.

Surprisingly, three deals closed above the seller’s asking price this week netting tidy bonuses averaging $5400. Another five sales closed at the full asking price. Meanwhile, 66 of this week’s 74 sales record a price below the list price by an average of $14,002. That number was somewhat skewed by a $140,000 discount on the largest sale of the week mentioned in the previous paragraph of this post.

Here is a breakdown of what the sales to listing price ration looked like on this week’s sales.

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