Over the past week as the number of known Covid-19 infections documented in Canada quadrupled, and the plea for appropriate social distancing measures grew louder, Saskatoon real estate sales and listings showed the first sign of responding to the pandemic.
The number of Saskatoon homes that were reported to have a firm sale slipped to 60. That’s down just four from the previous week, but lower by 19 when compared to sales for the same week last year. These are not terrific numbers for the first week of spring.
The supply of new listings was down far more significantly as just 63 properties were added to the multiple listing service®. That number is way down from 140 last week and further away from the 150 homes listed over the same period of 2019. This was the smallest number of listings for any week since the first week of January.
In a week when sales nearly matched new listings, the active inventory of Saskatoon homes for sale slipped lower to 1466. That number is down from 1502 at last week’s close and well below the 1600 properties that could be found for sale on the MLS® a year ago.
Today’s totals include 862 single-family homes, down annually by a dozen units, and 523 condominiums, which is lower than what was recorded last year by 106.
Upper-end buyers were most active over the past seven days while buyers in the sub-200K range stayed home. Consequently, the weekly median and the weekly average sale price spiked higher to $360,000 and $361,975 respectively. Both of those measures are up nearly ten percent from last week.
Meanwhile, both the six-week average price and the four-week median price reached their highest levels this year recording numbers not seen more than a handful of times since early 2018.
The six-week average price reached $336,994 after three consecutive weekly increases and a general upward trend that has now lasted six weeks. It closes the week higher than it was the last week by six thousand dollars and up annually by more than 14K.
The four-week median price finished the week at $338,500. That’s ahead of last week’s number by eighty-five hundred dollars and nearly 27K higher than it was at the close of the same week last year.
On the heels of a week that produced the highest number of overbid sales this year, buyers won the week. In all but four instances (new homes that reported a sale price that exceeded the list price but likely included additional improvements not anticipated in the asking price) buyers came away from the negotiating table buying a home for an average of $14,834 less than the list price.
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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