After two weeks of less than encouraging activity, the Saskatoon real estate market saw a surge in home sales. Local REALTORS® reported 52 firm residential sales to the multiple listing service®, an increase of 22 from the previous week and up by five sales from the same week last year.
The number of new listings added to the MLS® moved in the opposite direction. This week, just 115 listings entered the system, down 30 from last week, but higher by 20 units when compared against the same period last year.
The inventory of Saskatoon homes for sale on the MLS® continued to move higher as it likely will each week until about the middle of the year. As of this morning, there are 1351 active listings in the residential category. That number is up 20 from a week ago, and down by 93 annually.
Condo inventory grew by 11 units this week to 505, leaving us down on a year-over-year basis by 50 units, or roughly ten percent. The number of single-family homes offered for sale on the MLS® grew by just five from last week to end this period at 776, which is 37 fewer detached homes than were available at the close of the same week last year.
Sales activity in price categories below $200,000 was surprisingly weak, while buyers shopping for homes above the $500,000 mark came out big. Consequently, the weekly median price jumped by almost 100K to $365,750. The weekly average grew by nearly 60K to reach $362,509.
The six-week average sale price moved higher by more than eight thousand dollars from last week. It closed the period at $333,908 which is close to $25,000 higher than it was at this time last year. The four-week median price took a larger leap to $318,500 for a weekly gain of $18,500 and an annual increase of more than 40K. It’s worth pointing out that both of these longer-term measures were unusually low at this time last year. Again, unit sales are at their lowest point across December and January which can result in some unreliable averages.
This week’s sales saw one resale property trading above the asking price to break a five-week shut-out. That single seller netted a modest bonus of $1000. Meanwhile, 45 of 52 sales were reported to have sold at a price that was below list by an average of $13,192.
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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