Saskatoon real estate sales softened this week. When the dust had settled at the end of the week 53 firm residential sales had been reported to the multiple listing service® for a weekly decline of eight units, and down two when compared against sales for the same period last year.
While sales slipped lower, new listings made some modest gains. There were five more Saskatoon homes offered for sale on the MLS® compared to last week, and 25 more than were offered for sale over the same period of 2019.
Inventory took a large leap as the total number of residential listings for sale on the MLS® jumped to 1382 from 1340 at the close of the previous week. That’s just 36 fewer listings than were available a year earlier, our smallest annual decline since early fall of last year.
There are now 805 single-family homes for sale on the system, up 36 from a year earlier. Condo inventory sits at 503 for an annual decline of 54 units.
The weekly average and median prices of a Saskatoon home were pretty stable on a weekly basis at $326,465 and $325,000 respectively. Both of those measures were at $320K last week.
The six-week average price edged lower from last week by fifteen hundred dollars to $323,903. That’s ahead of where it was a year ago by nine thousand dollars. Meanwhile, the four-week median price jumped seven thousand dollars from last week to hit $332,603 and claimed an annual gain of nearly 25K.
Overbid sales returned to the chart but there were only two, both generating a modest bonus to the seller of just a hundred bucks. On the flip side of the negotiating table, 47 of 53 sales closed below the seller’s asking price netting those buyers an average discount of $13,854.
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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