The first sign of spring for the Saskatoon real estate market appeared over the horizon this week as 199 local homes were offered for sale on the multiple listing service®. That’s up 64 listings from the previous week, and the largest number of new listings for any week this year. It also tops new listings generated over the same period last year by 37 properties.
Meanwhile, local REALTORS® reported just 46 Saskatoon homes as having been firmly sold. That’s down nine from last week and falls short of numbers reported over the same week of 2019 when 50 homes had a sold sign placed in the front yard.
The disparity between sales and new listings caused a spike in MLS® inventory. The number of residential listings for sale in Saskatoon grew by 62 homes this week to reach 1450. That’s 56 fewer properties than were available on the multiple listing service® a year ago, and the closest we’ve come to last year’s numbers for any week this year. I won’t be at all surprised if active listing numbers hit some higher year-over-year numbers this spring. There are a lot of property owners out there who would like to sell but have been prevented from doing so because of a soft market. If conditions continue to improve, and there seems to be some momentum, some of those homes will be offered up for sale.
Condo inventory grew by 21 from last week’s close to reach 513 for an annual decline of 83 units. Single-family homes inventory saw larger gains as it rose to 855 from 816 last week to find itself up 35 from where it stood at this time last year.
A very limited number of trades below the $200,000 mark pushed the median sale price for the week considerably higher to $359,930 this week, up $33K from last week. A solid handful of properties that sold above $500,000 had a similar impact on the weekly average price as it rose 47K to $363,440.
The six-week average price slipped lower by about $500 on a weekly basis. That’s roughly seven thousand dollars lower than it was at the close of the same week last year. The four-week median price came in at $324,900. That’s up 6K from last week but about even with levels recorded last year at this time.
This week we have two sellers closing a deal for more than their asking price. Those homes were located in Haultain and Nutana, priced in that $375,000 - $425,000 sweet spot. Those sellers averaged a bonus of $6100 more than they had asked when they set their list price. Still, 41 of the week’s 46 sales closed at a price that was below the seller’s asking price by an average of $13,621.
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
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