The Saskatoon real estate market produced fewer residential sales for the second week in a row. Local agents reported just 50 firm trades to the multiple listings service®, well down from 71 the week before. During the same period last year sales had fallen to 51.
New listing activity remained strong as 166 Saskatoon homes were added to the MLS®, up just one from the previous week but down by 16 on an annual basis.
The total number of active residential properties for sale in Saskatoon grew for the second consecutive week as sellers looked to the coming fall market in hopes of finding a buyer. As of the morning, there were 1916 active listings, up 16 from the week before, but down from 2045 a year ago.
The number of detached houses for sale grew by 19 from last week’s close finishing the week about even with levels recorded at the close of the same week last year. Condo inventory dropped by two this week. There are now 670 Saskatoon condos for sale, down from 783 a year ago.
The weekly median sale price grew again, this week by close to 15K as it reached $324,750. The average sale price for the week increased $22,000 from the previous week to reach $350,614.
Meanwhile, the six-week average price moved modestly higher. It grew by about seventeen hundred dollars compared to the previous week to finish lower an annual basis by six thousand dollars. The four-week median price took its fourth consecutive weekly decline to close the week at $309,000. That’s down 12K from a year ago and at its lowest level since February of this year. The median price is the point at which 50 percent of sales are above, and 50 percent are below. Much greater activity at the lower end of the market and a renewed interest in condos seems to be driving that decline.
Sellers hoping for some activity that would lead to overbidding were disappointed this week. Two homes were reported to have sold at the seller’s asking price, both new houses. The other 48 deals closed below the asking price and netted those buyers an average discount of $11,888.
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.
More weekly stats and numbers for those who love them.
Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Norm Fisher
Royal LePage Vidorra
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