All real estate statistics are provided courtesy of the Saskatoon Region Association of Realtors (SRAR) and the Saskatoon Multiple Listing Service.
Data is submitted to the Multiple Listing Service by members of SRAR and is not audited by SRAR for accuracy. Though I believe that the data contained in the Multiple Listing Service is for the most part reliable, it is subject to human error and its complete accuracy cannot be guaranteed. For instance, from time to time I have found condominiums listed as single family homes. These instances are not common but they do occur and averages can be marginally affected by them.
Data contained within Neighbourhood Profiles provides an overview of sales activity in the condo and single family home categories for each neighbourhood including units sold, low sale price for the area, high sale price for the area, and average sale price for the area. One should keep in mind that these figures can be somewhat skewed if the market is changing very rapidly. Statistics are based on unit sales which were reported as sold during the specified time period. These numbers are provided to assist prospective buyers in determining which Saskatoon neighbourhoods may be affordable for them. Averages are useful in tracking market trends and should never be relied upon as a guide for any specific real estate transaction.
You’ll find monthly statistics is two different areas of our website. There’s the “Statistical History of MLS Sales and Listings” and the “Closer Look” reports on our blog. Different methods are used to report in each of these two sections. The “Statistical History” page provides numbers provided by SRAR at the end of each month. These numbers are based on units which were reported sold during the month covered in the report and includes sales of all housing types within the residential category. Data contained within our “Closer Look” which is posted on the blog are based on the sale of single family homes and condominiums only. Both categories of monthly stats can include sales which were contracted prior to the report period, if they are reported as having firmed up during the report period.
Week in Review Statistics
Week in review statistics displayed on the Saskatoon Real Estate Resource Centre Blog are based on listing and sales activity reported during a given week. For instance, a sale reported during the week of February 19-23, may have actually occurred the previous week, or in some rare instances, prior to that. This typically reflects the period of time which a transaction is “conditional.” I do not have access to the sale data until conditions are removed; the transaction is firmed up and reported to the MLS® system. These statistics provide an overview of general housing activity and include properties in the single family home and condominium categories.
Average list prices and average selling prices for each area can vary significantly from one week to the next because of the low number of units which are counted in those averages. One week may produce more high-end or low-end sales than the next. Weekly averages are simply meant to provide a snap shot of what happened in the area last week. Monthly statistics which include much more data are more reliable for tracking trends.
MLS listings which are canceled and re-listed during the same week are not counted as new listings. Again, smoking out these listings requires some manual work and it is possible that there may be minor errors from time to time.
Average over bids and underbids are calculated manually as there is no program within the MLS® system to make such a calculation. Every reasonable effort is made to ensure accuracy but again, I cannot guarantee that some errors do not occur. These averages are intended to provide the reader with a feel for what is happening in the market and how buyers are responding. I hope that over the long term it provides some clues as to whether the attitudes of home buyers are changing. Again, using the average overbid to decide how you may approach any specific real estate transaction is not a recommended practice. Included in those averages you will typically find some transactions which were overbid by as little as $100 and some may be as high as $100,000. Home buyers should consult with a professional and seek advice which is specific to the property which they are interested in offering on. At any given time, there are many properties on the market which are priced at, or even above fair market value. It’s not reasonable to assume that list price plus the average overbid is equal to fair market value.