Saskatoon real estate sales softened again for the second week in a row as local REALTORS® reported just 72 firm residential deals to the multiple listing service®. That number leaves us down from the previous week by six, and short of sales reported over the same period last year by 16.
New listing activity also slipped lower falling from 188 for the previous period to 172 this week, and up by five compared to the same week last year.
The total number of active residential Saskatoon real estate listings available on the MLS® moved higher to 1960 for a weekly gain of 28 and an annual decline of 110. This is the 24th consecutive week in which active listings were at a five year low for the close of each particular week.
As of this morning, buyers can find 1153 Saskatoon houses for sale, 20 more than were available at last week’s close, and up 34 from the same time last year. Condo inventory also inched higher this week as it grew by 12 to hit 698, well down from 827 a year earlier.
The number of Saskatoon homes that traded at a price below 200K was down by nearly 50 percent this week which helped push the weekly median price higher by twenty thousand dollars to $315,000. That change also contributed to a big increase in the weekly average price as it grew by almost 20K to reach $352,680.
The six-week average price took its third consecutive gain as it grew to $339,432, up about three thousand dollars from last week for an annual increase of just under 5K. The four-week median price held firm at $317,500 for the second week to finish down annually by $2500.
When the dealing was wrapped up for the week, four sellers got their price and one got a modest overbid of $100. Meanwhile, 67 of 72 sales closed below the asking price with an average discount of $13,629.
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
Norm Fisher
Royal LePage Vidorra
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