Happy New Year, everyone! I hope that you had a pleasant holiday with some downtime to enjoy your family and friends.
We are out of the gates for 2020 with a pretty solid week for the Saskatoon real estate market. Local agents report 43 firm residential sales to the MLS®, way up from the 18 deals processed during Christmas week, and close to double what was sold over the same period last year when just 23 trades occurred.
We saw a similar surge in new listing numbers as local sellers worked to get a jump on the spring listings market. A total of 62 Saskatoon homes were added to the multiple listing service®, more than double the previous week’s activity when just 28 homes were offered for sale, but well down from the first week of January last year when 102 residential properties were listed for sale.
The number of active residential listings available through the MLS® continued to fall. By this morning, total inventory stood at 1219. That number is down just 14 from the previous week’s close, but lower than it was last year at this time by 152 and the smallest number of active listings that we’ve seen for any week since early March of 2014.
Currently, the inventory consists of just 706 single-family homes, down from 764 at this time last year, and 456 condominiums, down from 525 a year ago.
Last week, I wrote a fairly lengthy piece on “months of supply” and the changing supply-demand dynamic. It’s worth a read if you’re in the market to either buy or sell as there is a clear trend developing that is leading to changing market conditions that those active in the market should understand.
Very strong activity at price points between $200,000 and $350,000 ushered the weekly median sale price of a Saskatoon home lower to $319,000 this week. The weekly average followed closely as it fell more than 40K to $330,460.
The six-week average price took some gains as it grew just under three thousand dollars to $334,247 to start the year lower annually by about fifteen hundred dollars. Meanwhile, the four-week median price took a large leap to $329,900 and claimed a year-over-year increase of roughly seventy-five hundred dollars.
The enthusiasm for overbidding remained low and not a single resale home went for more than the seller’s asking price. On the other hand, 38 deals closed for less than list price netting buyers an average discount of $13,371.
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.
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