Saskatoon real estate week in review for February 1-7, 2020 (edition #674)

Local home sales remained steady at 61 this week as the first week of February came to a close. Saskatoon real estate agents reported 61 firm residential sales to match last week’s numbers while beating those recorded over the same period last year by 14.

Meanwhile, new listing activity inched higher. Over the course of the week, 120 Saskatoon homes were added to the multiple listing service®, up six from the previous week, and down from 125 when compared against listings taken over the same week in 2019.

The inventory of Saskatoon homes for sale on the MLS® grew to 1340 this week for a weekly gain of 14 property listings and an annual decline of 88 listings. That leaves the inventory down about seven percent annually, about 20 percent lower than it was when numbers reached their high point for this particular week back in 2016.

Today’s totals include 776 single-family detached homes, down about 20 from a year ago, and 498 condominiums, down from 552 annually.

Upper-end real estate sales were down just a touch this week. That change moved the median sale price for the week lower by about seven thousand dollars to $320,000. The weekly average price fell roughly 8K to $320,000.

The longer-term measures that we track took more modest declines. The six-week average prices slipped about six hundred dollars from last week to settle at $324,406. That’s up more than sixteen thousand dollars from the same week last year. The four-week median price fell to $325,000 for a weekly decline of twenty-five hundred dollars and an annual increase of 20K.

Overbid sales were non-existent this week for the first time in about a month. While four sellers (all new homes) reported a sale at their list price, 57 of the week’s 61 deals closed below the seller’s asking price and netted the buyer an average discount of $13,423.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing 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. 

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Norm Fisher

Royal LePage Vidorra