Following a couple of banner weeks, Saskatoon real estate agents reported just 78 residential sales to the multiple listing service®, a drop of 24 from the week before to fall short of sales recorded during the same period last year by three.
New listing numbers moved in the opposite direction as 188 Saskatoon homes were added to the MLS® database. That number brings a weekly increase of 21 and an annual gain of eight.
Residential listings that show an “active” status on the Saskatoon MLS® system fell lower for the third consecutive week, this time falling by 29 units to finish the week lower on an annual basis by 124 homes. Total MLS® inventory has been maintaining five-year lows for each respective week since the end of January, with the last few weeks showing the largest annual losses we’ve seen since early spring.
The number of single-family homes for sale in the city grew by 11 compared to last week’s close to 1,133. That finish is higher on a year-over-year basis by just 17. Condo inventory fell by 41 from a week earlier to close this period at 686, which is 130 units below levels recorded at the close of the same week last year.
With 20 homes sales reporting a sale price under 200K (15 of them entry-level condos), the weekly median price of a Saskatoon home tumbled lower to just $295,000. That’s down almost $50,000 from last week when buyers in the $500,000 price category showed up in big numbers. Entry level activity was so strong this week that the average price also fell sharply. It dropped about 32K to $333,406 in spite of the fact that two sales above one-million dollars skewed the measure higher.
The six-week average price of a Saskatoon home grew for the third week in a row to reach $336,462. That’s higher than it was a year ago by $14,000 but we’re looking back on a week that had taken a strange dip to rebound the following week. Meanwhile, the four-week median price saw its third consecutive weekly decline and finished the period at $317,500. That’s down $2500 from the close of the same week last year.
Three sellers closed a deal with a buyer willing to pay more than asking price. Those discounts averaged $5,267 thanks to one buyer who made a five-figure overbid to beat out competing buyers. On the flip side, 71 buyers stood firm and ground a deal that netted them a discount average $13,480.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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.
Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra