Home sales experienced a modest uptick this week as Saskatoon real estate agents reported 40 firm residential trades to the local MLS®. While that amounts to a weekly increase of six units, it’s about half the number of deals that we’d typically expect to see at this time of year. Over the same period of 2019, 80 Saskatoon homes were sold.
New listing activity was also higher on a weekly basis and sharply lower annually. A total of 101 homes were added to the Saskatoon multiple listing service® this week, up from 87 during the previous week and down from 174 for the same week last year.
Active listings inventory slipped lower by two this week to settle at 1418 units while recording an annual decline of 355 homes. This is the largest year-over-year drop that we’ve seen in any week over the past five years. Today’s totals include 830 single-family homes, down from 970 a year ago, and 514 condos, down from 694 at this time last year.
With just two sales recorded above the $440,000 mark, both the weekly median price and the weekly average plummeted to $307,000 and $289,658 respectively. The strangest numbers this week come from area one (everything to the east of Circle Drive East). This area typically posts the highest priced sales, but this week, eight of eleven sales reported were condominiums, most selling for less than $200K, which really drove the numbers lower. It seems that the typical area one buyer stayed home.
The six-week average price eased off to $354,968. That’s about $4500 below last week’s number, but higher than it was a year ago by twenty-six thousand dollars. The four-week median price fell 13K from last week to $320,000 which is lower than it was a year ago by six thousand dollars.
Two sellers found an enthusiastic buyer willing to pay more than their asking price, but the enthusiasm was limited. Those buyers each paid just $100 over list. Meanwhile, 35 of 40 deals closed below the asking price and netted those buyers an average discount of $15,782. That’s a pretty hefty number as most weeks lately we’ve been coming in 12-13K below.
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
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