Local home sales softened a bit this week as Saskatoon real estate agents reported 71 firm residential trades to the multiple listing service®. That amounts to a weekly decline of 16 units, but a year-over-year increase of six.
A total of 165 Saskatoon homes hit the MLS® this week, down three from the previous week, but significantly higher when compared against the same period last year when just 137 listings entered the system.
MLS inventory crept higher, which is not unexpected during the opening week of a new month when activity is often bolstered by the previous month’s expired listings coming back to the system.
The week closed with a total of 1900 Saskatoon homes showing an active status on the MLS®, up 23 from a week ago, and down 122 listings compared to levels recorded at the close of the same week last year.
Condo inventory is at 672 today, up 13 from last week, and down from 774 a year ago. Today, there are 1115 single-family homes offered for sale on the system. That’s five more than last week, and three fewer than a year earlier.
Strong market activity for homes in the $300,000 - $400,000 range helped lift the weekly median sale price of a Saskatoon home off of its annual low to reach $310,000. Meanwhile, nearly ten percent of the week’s sales reported a price exceeding $500,000 which gave a hefty boost to the average sale price for the week which grew about $26K t0 $329,276.
The six-week average price fell close to six thousand dollars from last week to settle at $331,012. This measure is lower than it was at this time last year by roughly six thousand dollars. The four-week median price edged lower for the third consecutive week. It slipped just a thousand dollars from last week to $314,000 finishing the week down annually by $11,000.
Two buyers offered more than list price to beat out others who were looking to buy the same home. One of those trades paid a $5100 bonus to the seller, the other a more modest $1100. On the other hand, 64 of the week’s 71 sales closed below the listed price generating an average discount of $12,528.
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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