Saskatoon real estate sales took a leap forward this week as 71 firm residential trades were reported to the multiple listing service®, leading us to our highest volume sales week so far this year. Sales are up 21 units from last week and ahead by 13 when compared to sales for the same period last year.
On the heels of a huge listing week the previously reported period when 199 Saskatoon homes were offered for sale, the number of new listings fell to 156, down eight from the same week last year.
The total number of Saskatoon homes offered for sale on the MLS® increased to 1474 from 1450 at the close of last week. Inventory grew at twice the pace over the same week last year so when the dust settled this weekend, the annual gap had grown larger than it was at last week’s close.
Listings numbers are now down annually by roughly 80 units or about five percent.
As of this morning, there are 869 single-family homes showing an active status on the MLS®. That’s up 14 from last week and an increase of nine from levels recorded at the close of the same week last year. Active condo listings are now at 523, up 10 from last week and down 78 units, or 13 percent from a year ago.
Sales activity for homes priced below a quarter-million dollars rebounded solidly this week and ushered the median sale price for the period lower to $330,648. With just four closed deals above the half-million-dollar mark, the average price for the week also fell lower to $330,000.
Meanwhile, the six-week average price took some small gains increasing $600 from last week to $328,103. That’s down about two thousand dollars on a year-over-year basis. The four-week median price closed the week at $324,900 which is unchanged from the previous week, and up just three hundred dollars from last year.
Just one lucky seller found themselves accepting an offer for more than their asking price. They ran off with a $5,100 bonus. Buyers continued to do well at the negotiating table as 62 of 71 sales closed below the asking price to net those buyers an average discount of $12,815.
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.
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Norm Fisher
Royal LePage Vidorra
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