Saskatoon real estate agents firmed up 55 residential sales over the past week, up 11 compared to the previous week to match sales for the same period last year for the first time in four weeks.
The number of new listings that were added to the MLS® system over the same period fell lower, dropping by 36 compared to activity over the previous seven days, and declining annually by 14.
Active residential listings also slipped lower with the total settling at 1418 this morning, down just ten from last week’s close for an annual decline of 140 Saskatoon homes. That represents a ten percent drop to the number of homes for sale in Saskatoon from a year earlier. It’s anybody’s guess as to where it might go in the weeks ahead, but a much smaller supply of new condominiums (about half what it was last year) should keep things in check. Again, inventory numbers are at their lowest point for the week in more than four years and builders are producing far few homes, particularly in the multi-family category.
This morning’s totals include 557 condominiums, which is up marginally from last week but down 94 from a year ago. The single-family homes category now sits at 769. That number fell by 26 compared to last week, and is down nearly 60 from the close of the same week last year.
Pricing measures continue to be tricky to track, but there’s no doubt that things have changed from a year ago. In early 2018, the small samples of sales skewed prices in an upward direction as the six-week average price and the four-week median price pushed their peaks for the year over January and February. This year, they are registering much lower, and in fact posting some big dips from a year earlier, and even well down from last year’s closing numbers.The six-week average price for the week was $314,983. That’s up about seven grand from the previous week, but down a little more than twenty thousand dollars from a year earlier. The four-week median price grew by three thousand dollars this week to $308,000 which is about twenty eight thousand dollars lower than it was a year ago.
In 2018, those large spikes in these two measures came back down and prices cooled considerably as we moved towards spring. The reality of new mortgage qualification rules set in. By the close of the first quarter, home builders and consumers were also dealing with the addition of the provincial sales tax on new homes, which added at least 15K to the price of an entry level home.
This past week, two lucky sellers found themselves in the fortunate position of having at least two buyers bidding to buy their home. Those deals both generated strong overbids averaging just over four thousand dollars. Meanwhile, 51 of the week’s 55 sales closed at a discount that averaged $12,182.
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. Please feel free to call or text me at 306-241-6676 or reach me by email at norm at teamfisher dot com.
Royal LePage Vidorra