For the second consecutive week, Saskatoon real estate sales numbers hit triple digits. Local REALTORS® reported 102 firm residential trades to the MLS® system this past week, down two from the week before, but well up from 70 deals over the same week last year.
New listing numbers also rose as 127 Saskatoon homes were offered for sale on the multiple listing service®. That’s up just five from the week before, and down two from the same period of 2019.
The number of active residential listings available on the MLS® dropped to its lowest level since late February. As of this morning, there are 1367 properties showing an active status on the system, down 61 from last week’s close, and further down from 1625 a year ago.
Available single-family homes fell to 721 for a weekly drop of 40, down annually by 334. Condo inventory is lower by 23 from last week’s close but higher by 13 on a year-over-year basis.
Both the weekly average sale price, and the weekly median sale price slipped lower to $350,493 and $327,750 respectively.
The six-week average price took an upward turn to finish the week at $350,493. That amounts to a weekly increase of just under three thousand dollars and an annual gain of more than 28K. The four-week median price took its third consecutive weekly drop to finish up at $331,250. That’s lower than last week by roughly five thousand dollars but higher annually by $15,250. That’s the lowest year-over-year increase since last July.
Overbid sales were back on the board in a serious way. This week, ten sellers wrapped up a deal for more than their asking price by an average of $6,911. Three of ten overbid sales were in the five-figure range and that skewed the average solidly. 86 of the week’s trades went for less than the asking price delivering an average discount of $12,238 to those buyers.
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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