Saskatoon real estate week in review: January 7-13, 2018

The Saskatoon real estate market continued at a sluggish pace through the past week during which just 32 firm residential sales were reported to the multiple listing service®. While that’s four deals more than we saw the previous week, it’s a ten unit drop when compared to the same period of 2017, and the second year-over-year decline in as many weeks. A soft start, but one shouldn’t read much into these weeks when activity is simply weak. 32. 42. Weak.

New listings continued to make rapid headway as 156 residential properties were added to the system over the past seven days. That’s nearly 40 more than we saw enter the market during the previous week, and twelve fewer than were listed during the same week last year.

The number of Saskatoon homes for sale on the local MLS® grew by 52 from last week’s close finishing the week at 1522, which is down from 1570 a year ago. This is the second consecutive week in which active listing inventory fell from a year earlier, notable only because this has been a rare occurrence over the past two and a half years. Inventory numbers are at their lowest point for this particular week since 2015, and overall at their second lowest point since the closing week of 2015 (they were lower last week), but again, there are many weeks of growth to the MLS® database ahead of us this year and not much should be drawn from these numbers. Today, there are 817 detached houses (single-family homes) available to Saskatoon home buyers, down from 827 a year ago. Condo inventory saw the greatest growth this week as the total number available moved higher to 607 units, up just two annually.

With 25 percent of the week’s sales activity occurring in the over $500,000 price range, both the weekly average price and the median price took some solid gains to $381,665 and $371,500 respectively. The six-week average price grew by eight thousand dollars compared to last week to close this period at $343,719. That amounts to an annual gain of more than five thousand dollars. The four-week median price grew by a whopping seventeen thousand dollars from a week earlier to $335,000 and reached its highest point since September. This is also the first week in ten that the measure has been up from a year earlier. At the close of the second week of January last year, the four-week median price was lower than it is was this week by six thousand dollars.

One fortunate seller with a beautifully renovated home in area four found themselves looking at multiple offers that drove their closing price above the list price. A couple of others got what they were asking, while 29 of the week’s 32 sales required some give on the seller’s part. Those deals closed at an average discount of $17,049 with a handful of pretty big drops in the mix.

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

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

Saskatoon real estate week in review: December 31, 2017 – January 6, 2018

Happy new year to you!

We are officially out of the gate for a brand new year of weekly Saskatoon real estate sales data updates.

The number of Saskatoon homes that traded through the MLS® system grew by 75 percent over the previous week! That sounds more impressive than it actually is, however. Total residential sales came in at just 28, up from 16 last week, and down from 30 for the same week last year.

The new listing activity also took some gains as they now begin an upward climb that will see increases during most weeks through the first half of 2018. Saskatoon real estate agents brought 117 new listings to the multiple listing service®, up from 87 last week, but way, way down from the opening week of 2017 when 198 new listings hit the system.

Weak new listing numbers and a big whack of home listings that met the end of their term as we ushered in the new year brought inventory down significantly. As of this morning, MLS® listings in the residential category had fallen to just 1469. That’s the lowest number for this particular week since 2015, and in fact, the lowest number of active listings for any week since the close of the 2015 calendar year when they sat at 1432. As the week ended, inventory was down 138 units from last week’s close, and below levels recorded at the close of the same week last year by 68. Could this be the beginning of the end for high inventory levels? That story will unfold and become clear over the next 60 to 90 days as we ramp up for the spring market. As of today, Saskatoon home buyers can find 808 single-family homes displaying an active status, down 70 from last week but up three from a year ago. Condo inventory is at 582 for an annual decline of 18.

Once again, these weeks with very few sales don’t tell much of a story in any of our data measures, especially price. This week we see both the weekly average selling price, and the weekly median price tumble to $312,250 and $266,900 respectively, with nearly half of this week’s sales reporting a price below $250K. The six-week average price edged lower by five thousand dollars compared to the week before to close this period at $335,890. That’s down by about three thousand dollars compared to the opening week of the previous year. The four-week median price fell sixty-five hundred dollars from where it sat last week to finish this week at $317,750 for a year-over-year decline of seventeen thousand dollars.

Even though the weather was cold and there was little heat in the market itself, one lucky seller must have found themselves looking at competing offers as they sold their home for $100 above asking price. The remaining 27 sales required some give on the sellers part. They were reported to have sold at an average discount of $14,378.

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

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

Saskatoon real estate week in review: December 24-30, 2017

Like the weather, the Saskatoon real estate market cooled significantly as we moved through what is invariably the slowest week of the year for home sales. REALTORS®, who find that their phones are not at all likely to ring at this time of year find themselves distracted by visions of the sugarplums dancing in their heads, last minute shopping and a great opportunity to unwind after a busy year.

Still, December wrapped up with 205 Saskatoon homes firmly sold, up from 190 last year, but falling short of being the “strongest December in a decade” as I suggested might be the case a couple of weeks ago. There were three Decembers over that period that saw higher levels of trades (215 in 2014, 255 in 2011, and 213 in 2009).

As for the week, agents brought 26 new listings to the multiple listing service®, mostly re-lists that had previously expired. That number is down from 87 the week before and falls below Christmas week listings of last year by six. Just 16 residential sales were reported, down from 44 the week before, for an annual decline of ten.

The inventory of Saskatoon homes for sale on the MLS® fell lower to 1607, down 19 from last week’s close, and up from 1560 a year earlier. Given that a good number of listings will likely expire on the 31st falling into next week’s numbers, we are likely to see one more decline in the inventory before it begins a slow steady upward crawl into the new year. A closer look by category shows 878 active single-family home listings, down from 900 last week, but up from 820 a year ago. Condo listings are sitting at 625 today, virtually unchanged over the course of the week, but up from 607 at this time in 2016.

With just 16 sales in the mix, the price numbers are pretty much meaningless but for the sake of consistency, here goes. The median sale price for the week bounced out of an atypical low to finish at $356,450 while the average sale price of a Saskatoon home this week edged higher to $333,084. The six-week average price grew by nearly five thousand dollars to hit $340,210 for a year-over-year increase of about six hundred dollars. The four-week median price also moved higher picking up nearly four thousand dollars from the week before, but closing lower than it did during the same week last year by 14K.

While three fortunate sellers did manage to close a deal at their asking price, the remaining 13 homes were reported to have sold below list price. The average discount was lower than what I would have expected during a week when sellers would have been lucky to even see a home buyer. Those homes that did sell below the listed price recorded an average discount of just $10,765.

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

As 2017 draws to a close, I’d like to wish each of you a happy new year. Thank you so much for continuing to read our updates.

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

Saskatoon real estate week in review: December 17-23, 2017

Saskatoon real estate sales fell sharply lower this week as local agents reported just 44 firm residential trades to the multiple listing service®, down from 63 during the previous period, and lower by two compared against the number of sales generated during the same week last year.

New listing activity actually increased, most likely due to a week that brought with it a high number of expired listings that re-appeared in the new listing category after they failed to sell during their first go round. This week saw 87 new listings added to the MLS®, an increase of 17 from both the previous week and the same week last year.

The number of active residential listings for sale on the Saskatoon MLS continued to decline, this week falling to 1636, its lowest level since early February. Today’s final tally is down 42 from a week earlier, and still up 16 from a year ago. We close the week with 900 single-family homes for sale, up 52 from this time a year ago. Condo inventory shows a year-over-year decline for the second week in a row with a marginal decline of just two units. As of this morning, there are 627 Saskatoon condominiums for sale on our MLS®.

Increased levels of sales at entry level price points brought the median sale price of a Saskatoon home lower this week to $315,250. The average sale price of a Saskatoon home sold this week fell just a few thousand dollars to $336,268. The longer-term measures that we track both managed to slip lower. The six-week average declined nearly four thousand dollars to $335,368. That’s down about five thousand dollars from a year ago, and its lowest point on the chart for this particular week in five years. The four-week median price fell half as much as the average and reached $321,250 for a year-over-year drop of 14K. It’s also at a five-year low for week 51.

Once again, sellers who had any hope that multiple buyers might bid up their price and deliver a sale for more money than they had asked were left disappointed. Not a single Saskatoon home sold above list price, but one seller did find a buyer willing to pay what they’d asked. The remaining 43 trades resulted in a price that was below asking price by an average of $15,118.

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

To those who celebrate Christmas, have a wonderful time with your family and friends in the days ahead. I look forward to catching up next weekend as we close 2017.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is

Saskatoon real estate week in review: December 10-16, 2017

As the second week of December came to a close the Saskatoon real estate market continued to show great spirit. With 145 firm sales in the bag already, month-to-date sales are shaping up to deliver the strongest December in a decade. This week, local agents reported 63 firm residential transactions to the MLS®, down four from the previous week to beat sales for the same period last year by 12.

New listing activity continued to soften as it always does at this time of the year. Only 70 new listings were added to the multiple listing service® this week, down 39 the week before. This week’s totals come in shy of the number of new Saskatoon homes listed during the same week last year by 47 units.

MLS® listing inventory in the residential category also followed a typical pattern for the season as the total number of Saskatoon homes offered for sale on the system declined by 62 from a week ago to settle at 1678. That’s just 16 more homes than were available a year earlier, and ten fewer than the final count for this same week in 2015, once again moving us out of “record for the week” territory. On Saturday afternoon, when I pulled these numbers, there were 924 single-family homes showing an active status on the MLS, down from 968 a week earlier, but still well ahead of the 866 properties that could be found on the system last year at this time. Condo inventory went lower by ten from a week earlier to settle at 639, for an annual decrease of 16 units.

With a strong showing of buyers for homes priced above $500K, including one sale that topped $900,000 the average sale price of a Saskatoon home remained strong at $339,048 while the median price was stable at $323,000. The six-week average price fell about four thousand from its close a week earlier to reach $339,048 for an annual decline of six thousand bucks. The four-week median price grew by three thousand dollars from last week reaching $323,000 for a year-over-year drop of six thousand dollars.

Even with brisk sales activity, December’s sale price to list price ratios are weak, as they almost always are during this particular month when sellers are either in a giving mood, or buyers are feeling particularly grinchy. My experience suggests that it’s likely the former. As the holidays approach, sellers consider a decent offer to be a gift that they would sooner keep than return. This week, only two sellers actually got their price while 61 of the period’s 63 sales were reported to have traded below the asking price by an average of $16,110.

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