Saskatoon real estate activity remained stable on a week-over-week basis while it took a bit of a dive annually. Local agents reported 87 firm residential trades, down just one from the previous week. That’s 13 fewer home sales than were recorded through the MLS® the same week last year.
The number of Saskatoon homes listed for sale on the multiple listing service® spiked higher. They often do so in the first week of the month, as the previous month’s expired listings return for another go at the market. This week, 168 residential properties hit the MLS®, up 30 from the last week, and down seven from the same period last year.
The database of Saskatoon MLS® listings took its largest single week drop this year as the number of homes for sale slipped lower from 1931 last week to 1877 this morning. That’s 122 fewer homes than were available on the MLS at this time in 2018.
The number of single-family homes for sale closed the week at 1100, down 40 from a week earlier and finished even with levels recorded last year. That’s the first time in several months that the inventory of detached homes was not higher than it was last year. Condo numbers fell from 680 a week ago to 665 today. At the close of the same week last year this category showed 769 active listings.
In last week’s report, we saw a surge of entry-level buyers push the median sale price of a Saskatoon home sharply lower. That happened again as it fell by another forty-seven thousand dollars to reach its lowest point for the year at $276,000. Where the lion’s share of entry-level activity the previous week was with condos priced below $200K, the more popular choice this week was the $200,000-$250,000 range which accounted for a full 25 percent of the week’s sales. Again, condos won the day.
The four-week median price of a Saskatoon home fell three thousand dollars from last week’s close to settle at $315,000. That’s its lowest point since it started to climb in early April. It’s lower than it was at this time last year by about nine thousand dollars, the result of growing confidence among first time home buyers who have been buying up condo inventory to get their start in the market.
The six-week average price slipped by twenty-five hundred dollars from last week to finish at $337,903. That is up annually by three thousand dollars. It’s the eighth consecutive that the measure showed growth on a year-over-year basis.
Buyers may have shown up to buy but nobody showed any desire to pay more than the seller’s asking price this week. Rather, 82 of 87 Saskatoon home buyers stood firm and demanded the seller sharpen their pencil to close a deal. The average discount this week was $11,808.
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