It was a strong sales week for Saskatoon homes. Local REALTORS® reported 93 firm residential trades to the multiple listing service®, up 24 units compared to last week, and three sales more than were recorded over the same period last year.
New listing activity fell modestly lower to 168 units for a weekly decline of four and an annual drop of eight.
Listing inventory slipped lower after taking a small increase last week. This morning, there were 1949 Saskatoon homes showing an active status on the multiple listing service, down just 11 from last week’s close, and lower on an annual basis by 103 properties. In the mix were 1146 single-family homes, a number that is above levels recorded a year ago by 22, and 698 condos, down from 821 at the close of the same week last year.
For the second week in a row, activity at the lower end of the Saskatoon real estate market was relatively soft while sales above the quarter-million-dollar mark were solid. This pushed the weekly median price up by nearly 25K to $338,500. At the same time, the weekly average sale price was sharply lower for the week as it fell 22K to $330,115 thanks to the fact that nobody bought a million dollar plus home. That happened twice the previous week.
Looking at Saskatoon home prices over a slightly longer term, the six-week average price closed the week at $338,552. That’s a loss of about a thousand dollars from last week but it’s up roughly five grand from a year ago. The four-week median price spiked higher by more than 14K for the week. It reached $338,500 for an annual increase of $6,650.
Three Saskatoon home buyers closed a deal with an above list price offer. The average overbid was $5,736. Meanwhile, 86 of the week’s 96 sales closed below the asking price and generated an average discount of $11,368.
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. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra