The Saskatoon real estate market cooled this week as we moved closer to fall. Local agents reported 65 firm residential trades to the multiple listing service®, down from 93 the previous week, but up compared to the same week last year when just 51 Saskatoon homes were sold.
New listing numbers spiked higher as many of the previous month’s expired listings came back to the MLS® for another go before winter brings a chill to the market. A total of 192 residential listings hit the market, the highest number for any week since mid-June. That’s higher than the previous week by 41 homes, and ahead of the same week last year by 44.
MLS® inventory increased, as it often does during the opening week of the month when last month’s expired listings are re-processed. As of this morning, there are 1898 active residential listings available in the city, up 29 from last week's close, but down from the close of the same week last year by 68.
As of this morning, there are 1156 single-family homes for sale in Saskatoon, up 32 from a week ago. At this time last year, there were just 1089 detached homes available through the MLS®. Meanwhile, condo inventory is at 643, up just four from last week and down annually by 112 units.
Entry-level buying activity was brisk enough to keep the median sale price for the week well below the average. The median sale price of a Saskatoon home came in at $315,000 to match last week’s numbers, while the average sale price moved higher to $348,105.
The six-week average price inched up just a few dollars from last week to hit $322,900 which is down about 5K from a year ago. The four-week median price grew by five thousand dollars from the week before to close the week up by six hundred dollars, year-over-year.
One lucky seller saw an above list price offer and closed their deal for $10,100 more than the asking price. Aside from a handful of new home sales, 58 of the week’s 65 sales reported a price below the list price by an average of $12,610.
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