For the eighth consecutive week Saskatoon real estate sales posted strong annual gains. Local REALTORS® reported 119 firm trades to the MLS® system, up three from last week for an annual increase of 31.
Year-to-date, that brings us to 2177 Saskatoon home sales, up from 2141 at the same time last year.
Still, the 30-day running average of units sold slipped lower for the second week, falling modestly to 516 from 519 a week earlier and from 530 the week before. This seller party doesn’t appear to be ending yet but sales are slowing.
New listing activity was also sharply higher on a year-over-year basis, now for the third week in a row. 178 new listings hit the multiple listing service®, down 14 from last week, and up by 40 compared to the same period last year.
The inventory of active MLS® listings remained stable at 1567, down just one from last week’s close. When the local listing service called it quits the same week last year there were 1931 active Saskatoon real estate listings.
The inventory currently consists of 875 single-family homes, down from 1146 at this time last year and 605 condos, down 93 units annually.
The sales-to-listing ratio remained stable as Saskatoon home buyers found a three-month supply, and seller’s continued to carry the clout at the negotiating table.
It was a strong week for entry-level sales and that activity brought the weekly median price (the point at which half of all sales were higher and half were lower) to just $285,500. The weekly average dropped almost 20K in spite of two sales above $900,000.
Meanwhile, the six-week average price inched higher to $341,428, up a little less than two thousand dollars from last week, and higher annually by one thousand dollars. The four-week median price came back down to $325,500 to record a weekly drop of twelve thousand dollars and an annual increase of $7500.
The number of homes that sold for more than the asking price remained steady at five, but the average overbid grew by 140 percent to hit $4,583. Buyers managed a discount in 106 of 119 sales netting an average discount of $10,230.
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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