Saskatoon home sales bounced back this week as they grew to 81 from 50 the week before. That increase was not enough to beat sales for the same period last year when 87 firm residential transactions were reported to the local MLS®.
New listing activity fell slightly lower from 166 last week to 158 for this period, and down 13 from the same week a year ago.
Active listing inventory broke away from seasonal norms and grew for the third consecutive week. As of this morning, there are 1940 Saskatoon homes for sale on the multiple listing service®, up from 1916 at last week’s close, and down from 2037 a year earlier.
A closer look at the major housing categories shows 1156 single-family homes for sale, up 20 from a week ago, and higher by nearly twice that from the close of the same week last year. Today, there are 673 Saskatoon condos for sale on the MLS® up three from last week, but down 116 from a year earlier.
This past week, 27 condos priced below $250,000 changed hands as entry-level buyers enthusiastically entered the market. The weekly median price plummetted to just $279,000 and the weekly average price fell more to $309,283.
The long-term measures that we track moved in the same direction. The six-week average price slipped about seven thousand dollars from last week to $325,670. That’s its lowest point since early May and down nine thousand dollars annually. The four-week median price fell eleven thousand dollars this week to $298,000 reaching its lowest point since early February to close the week down eighteen thousand dollars, year-over-year.
Two Saskatoon home sellers found themselves dealing with multiple offers that pushed their closing price above their asking price by an average of $4,350. Meanwhile, 71 of the week’s 81 sales closed below list price netting those buyers an average discount of $11,317.
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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