The number of Saskatoon home sales recorded on the multiple listing service® grew for the third consecutive week to reach 69. That number is higher than last week’s tally by 18 units but falls short of sales for the same week last year by 19. Still, this is the most promising sales week we’ve seen since the market hit the tank Easter week when just 34 Saskatoon homes traded.
The new listing activity also grew for the third week in a row as more sellers opted to take their chances with the Covid-19 virus to see if they could find an advantage in this strange spring market. A total of 147 residential properties were offered up, the largest number for any week since mid-March. That’s 35 more homes than hit the market the previous week, and just 23 fewer properties than were offered for sale over the same week last year.
Active Saskatoon real estate listings declined as month-end expired listings came off of the system. This morning there are just 1395 Saskatoon homes for sale, down 37 from last week, and 22 percent below the 1801 properties that could be found on the MLS® system a year ago.
Available single-family homes slipped lower by 21 units over the course of the week to settle at 807. That’s down 134 properties from a year earlier. Condo inventory declined by 11 on a weekly basis, and by 252 annually. That number now sits at 516, down 33 percent from this time last year.
The weekly median sale price of a Saskatoon home and the weekly average price grew to $344,250 and $325,750 respectively as more upper-end buyers engaged with the market.
The six-week average price remains artificially high thanks to those two big sales that together added over $5 million in dollar volume to an unusually small number of sales at this time of the year. It finished the week at $347,670 down just a thousand dollars from last week, but up about $12.5K annually.
The four-week median price grew by $5,000 from last week to reach $325,000 for an annual decline of just over three thousand dollars.
Three lucky sellers found themselves entertaining and accepting offers for more than their listed price. While the average overbid was an impressive $4,100 most of the spoils went to one seller who accepted an offer at $12,100 more than they had asked. On the flip side of the negotiating table, 59 of this week’s 69 sales sold below the asking price to net those buyers an average discount of $14,063.
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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