Saskatoon real estate sales dipped modestly to 57 units this week, down just two from last week. That was enough to top sales from the same week last year by six.
After falling through the floor last week, new listing numbers surged higher as 135 Saskatoon homes were offered for sale on the multiple listing service®. That up from last week by 62 properties but down two when compared to new listing activity over the same period of 2019.
The total number of residential properties offered for sale on the MLS® system grew by 21 this week to reach 1388, which is down just 39 units from where it stood a year ago. This particular week in the previous calendar year ended March 1, so February expired listings had been removed from the total by the time I reported. I would expect to see a larger year-over-year decline tomorrow when the calendar turns (we made it through February and spring is now in sight).
As of this morning, there are 816 single-family homes for sale in Saskatoon. That’s up by 24 from last week’s close, and higher than it was a year ago by 45 properties.
Condo inventory is at 492 today, down nine from last week, and lower than it was a year ago by 75 units.
Inventory is at it’s tightest in the single-family homes category, particularly for homes priced between $300,000 and $400,000 where supply and demand ratios technically remain in a balanced territory but are moving towards favouring sellers. Typically a balanced market is one that offers a supply that would take four to six months to exhaust. This range is currently at 4.3 months of supply.
Sales activity towards the market’s entry-level remained brisk but improved interest and action with homes between $300,000 and $500,000 drove the weekly median price and the weekly average higher to $323,217 and $316,000 respectively.
The six-week average price showed some modest weekly gains as it grew by just over a thousand dollars to $327,920. That left it lower on an annual basis by about seven thousand dollars. Meanwhile, the four-week median price slipped lower by about sixteen hundred dollars. It closed the week at $318,750 for an annual dip of just over three thousand dollars.
One seller managed to close a deal above their asking price with a bonus amounting to just $100. Across the negotiating table, 47 buyers made off with a discount averaging $14,693 on the property they bought.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.
More weekly stats and numbers for those who love them.
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Norm Fisher
Royal LePage Vidorra
