Saskatoon homes continued to move at an impressive pace this past week as local agents reported 93 firm residential trades to the MLS system. That number is higher than the previous week by a dozen, and up on the same week last year by 20.
New listing activity slipped lower for the second week in a row. Saskatoon real estate agents brought 145 listings to the multiple listing service, down 13 from last week, and lower annually by five.
The total number of Saskatoon homes for sale on the MLS took a big dive as 91 listings expired at the end of August. This morning, there are 1867 active listings, down nearly 70 from last week’s close. At this time last year there were 1937 active listings.
Today, we have 1124 single-family homes for sale. That's up from 1077 a year ago. Condo inventory is now at 639, down from 673 a year ago.
A bit more activity at the upper end of the Saskatoon real estate market pushed the weekly median price and the weekly average higher to $315,000 and $315,857 respectively.
The six-week average price fell lower for the fifth consecutive week. It closed the week at $322,820 which is down about three thousand dollars from last week, and eight thousand below levels recorded last year. After five weekly declines to the four-week median price, it grew by 12k to reach $310,000. That’s down five thousand dollars from the close of the same week last year.
Aside from a few new homes sales that reported an above list price sale, no overbidding activity occurred. Meanwhile, 88 of 93 sales for the week came in below the asking price and netted an average discount of $11,976.
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
Royal LePage Vidorra