Saskatoon real estate sales fell lower this week with a total of 51 firm residential sales being reported to the local MLS®, a weekly drop of five, and down just one when compared against the same week last year.
New listing activity also came down with 131 Saskatoon homes being added to the multiple listing service, down three from the previous week, for an annual decline of 26 units. This is the sixth consecutive week in which new listings fell short of meeting last year’s numbers.
With a decent year-over-year increase in the number of homes that have sold, and weaker new listing numbers, inventory growth has been slower than what we’ve seen in recent years. The database of active residential listings within the city of Saskatoon grew by 35 this week to reach 1553, which leaves us shy of numbers recorded at this time last year by 116 homes. The number of single-family homes that are currently on the MLS grew by 28 from last week’s close to reach 822, down nearly 40 units from levels recorded a year earlier. Condo inventory moved higher by 13 this week to settle at 648 for an annual drop of just eight. The balance of the losses to total inventory is in the smaller categories like lots, semi-detached homes, duplexes, mobiles, etc.
Fewer high end sales contributed to a decline in the weekly median sale price and the weekly average which slid to $325,000 and $345,300 respectively. The six-week average price still managed to make some gains as it grew about five hundred dollars from the previous week’s close to reach $347,808 and finishing ahead of last year by just under ten thousand dollars. Meanwhile, the four-week median price softened and lost about 6K on the week while still maintaining an annual increase similar in size to that seen in the six-week average price.
One lucky seller found themselves dealing with multiple offers that led to some overbid activity. They wrapped up a deal at $5,100 more than their asking price. Buyers largely won at the negotiating table at 46 of this week’s 51 sales were reported to have sold below the seller’s asking price netting a decent discount which averaged $14,418.
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.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is available here. Please feel free to call or email.
Royal LePage Vidorra