After taking a bit of a breather last week, the Saskatoon real estate market saw residential sales spike into the three-digit territory, something that’s happened just twice this year. Local agents reported 102 firm sales, up 20 from last week, beating sales for the same period last year by 29.
New listings fell lower as 175 Saskatoon homes were offered up for sale on the multiple listing service®, down seven from last week, a decline of 30 units annually.
Active MLS® listings remained about even this week at 1977, which is down just one from last week’s close. That marks a drop of 115 units when compared to levels recorded at the close of the same week last year.
A closer look at the major categories of Saskatoon housing shows condominium inventory falling to 714, or 124 units lighter than it was a year ago. The number of single-family homes for sale in the city rose to 1142 which is up 28 from this time last year.
Entry level condominiums continued to be a popular choice at the entry level. That activity pushed the median price of a Saskatoon home for the week lower again to $303,750. In spite of two residential sales that topped the one million dollar mark, the average sale price of a local home was also lower this week to $321,638.
Both of the longer term price measures that we track also headed modestly lower. The six-week average price slipped less than two thousand dollars from the week before to close at $334,455. That was high enough to finish up annually by roughly four thousand dollars. The four-week median price dropped eight thousand dollars from last week to settle at $321,000. That number is lower than it was a year ago by three thousand dollars.
Four Saskatoon homes were reported to have sold for more than the asking price this week. The average overbid was high at $16,163 but two of the four sales closed more than $30,000 higher than the listed price, an indication that a queue of buyers wanted to call those places home. Meanwhile, 95 buyers held their ground and negotiated some sweet discounts. For homes that sold below asking price, the average discount was nearly fifteen thousand dollars.
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