Saskatoon real estate sales in the residential category bounced back this week. By the close of business Friday, local agents had reported 86 firm residential sales for the period, up 13 from the previous week, but falling short of sales for the same week last year by four.
The number of new listings added to the MLS® system moved lower for the second week in a row. A total of 176 properties were introduced to Saskatoon home buyers, down from 205 last week, and lower than the 184 that came up for sale during the same period last year.
The total number of Saskatoon real estate listings on the MLS® in the residential category grew by 48 to reach 2131, the highest point this year, and just slightly lower than the numbers of homes that were available at this time last year, when there were 2153 active residential listings. For the past 16 weeks inventory has been sitting at its lowest point for each week in four years time. In the previous years, June’s expired listings had already come out of the inventory numbers before we took our measurement. That didn’t happen this year because June 30 fell on the Saturday. Next week we should see a bit of a reversal as last month’s expired listings will show up then. Today’s totals include 1155 single-family homes, down from 1193 last year and 847 condos, up from 804 at the close of the same week in 2017.
A little more activity at the entry level of the market ushered the median sale price for the week lower to $314,000. The average sale price inched higher growing by 2K from last week to reach $326,872. The six-week average price saw similar gains as it grew from $330,549 last week to $$332,311. That’s still sixteen thousand dollars below last year’s number. The four-week median price inched up nine hundred dollars from last week to $324,900 to finish the week down on an annual basis by eighty-five hundred dollars.
Four Saskatoon home buyers found themselves in a bidding war that led them to make an above list price offer, though all four were pretty modest overbids averaging just $175. Meanwhile, 78 sellers gave up some dough to close a deal with the average discount coming in at $11,047.
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. Please feel free to call or text me at 306-241-6676 or reach me by email at norm at teamfisher dot com.
Royal LePage Vidorra