It was a short work week. Still, Saskatoon real estate sales reached a low not seen since January of this year. Just 34 local homes were reported to have firmed up a sale this week. That’s down from 63 last week, and way, way down from the 87 deals that closed over the same period last year.
The number of new listings added to the MLS® system also plummeted. Just 87 Saskatoon homes were offered up for sale, down from 103 last week. During the same week last year, 195 new listings hit the multiple listing service®.
After falling by nearly one hundred units in the last two weeks, the total number of Saskatoon homes that show an active status on the MLS® grew to 1420. That’s up from 1405 last week, but down from 1710 (17 percent) from the close of the same week last year. Clearly, this is a massive departure from the kind of activity that is typical of the third week of spring.
Today, there are 828 single-family homes for sale on the Saskatoon MLS®, up six from 822 last week, but down from 941 a year ago. Condo inventory sits at 514 today, which is up nine from last week’s close, but down from 671 annually.
You may recall that last week I told you about a new sales record for the Saskatoon MLS®. A single-family home traded for $3.7 million to shatter our previous price max. This week saw no records broken, but we did see another big deal close at $1.7 million. With just 34 sales in the mix, that one kept average prices artificially high.
The average sale price for the week was $382,519 while the weekly median hit $332,500.
The six-week average price reached $358,503 which is the highest level we’ve seen since May of 2017. That number is up about eight thousand dollars from last week and higher than it was a year ago by $38K, however, this measure is seriously skewed by the two sales I mentioned. Both of those sales are calculated into this measure and together, those two deals are pushing the six-week average higher by more than sixteen thousand dollars.
The four-week median price of a Saskatoon home also grew, but only by one thousand dollars. It sits at $333,000 today, up 23K from last year at this time.
One sale closed above the asking price this week, by just $100. The average resale listing took a discount of $14,500 to close up a deal.
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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