The Saskatoon real estate market continued to experience a major chill through this week. Just 30 residential trades were reported to the MLS® system, down three from last week to fall short of numbers recorded over the same week last year by 27.
The new listing activity showed no signs of slowing in spite of the frigid weather. A total of 145 Saskatoon homes were added to the multiple listing service® this week for a weekly increase of nine and an annual drop of just one.
The number of Saskatoon homes for sale on the MLS® grew for the third consecutive week to reach 1331. That’s up 63 units from last week’s close, but still well below the 1453 residential properties that were for sale last year at this time within the city.
A closer look at the database by category reveals that buyers have 771 single-family homes to choose from. That’s 30 fewer detached homes than were available at the close of the same week last year. Condo numbers are at 494, down from 560 a year ago.
The median sale price for the week fell again to $267,450 as entry-level buyers continued to take advantage of the market. Some bigger price tags at the upper end pushed the average sale price for the week higher to $307,757.
The six-week average price slipped modestly lower to $325,261 for a weekly loss of about sixteen hundred dollars while taking annual gains amounting to a little more than four thousand dollars. The four-week median price fell sharply to $300,000 for a weekly drop of nearly 16K. It too, was up on a year-over-year basis increasing by just over two thousand dollar gain.
Once again, sellers hoping to drive a bidding war that would push offers above the list price were shut out. Meanwhile, 27 of the week’s 30 sales closed below the asking price netting those buyers an average discount of $12,730.
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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