The Saskatoon real estate market continued to move at a steady pace as local agents reported 63 home sales to the multiple listing service®. That’s up by three from the previous week, and down by 11 from the same week last year.
It’s still very difficult to get a good sense as to how the realities of the day will affect sales, but this is the second week in a row in which sales fell on an annual basis. Given that we now have seven consecutive months of sales gains behind us, the “down annually” thing has been fairly rare. Time will tell, but clearly, sales are not nearly as brisk as they might have otherwise been.
New listing activity, which fell to festive season levels last week, rebounded over the past seven days. Local REALTORS® added 103 Saskatoon homes to the MLS®, up from 63 last week, but still well below seasonal norms. Over the same week in 2019, about 200 residential properties were offered up for sale.
The inventory of active listings for sale on the Saskatoon multiple listing service® fell lower for the second consecutive week, something that we never see happening at this time of year. As of this morning, there are 1405 Saskatoon homes for sale on the MLS®, down from 1466 a week ago, and far below the 1656 homes that could be found on the system a year ago.
Sellers appear to be retreating from the market at a slightly faster pace then buyers who may find it increasingly difficult to find an appropriate home.
Today, there are 822 single-family homes for sale in Saskatoon, down 40 from last week, and lower by about twice that amount compared against levels recorded at the close of the same week last year. Condominium inventory is currently at 505, down 18 from last week, and lower annually by 158 units.
I won’t let this report pass without noting a record-breaking sale for the Saskatoon MLS®. This week, a Saskatchewan Crescent home was reported to have sold for $3.7 million. That is the highest price for any Saskatoon home ever recorded on our system. The price is higher than the previous record by $1.1 million.
Both average price measures and the underbid discount amounts are all sharply skewed by this sale.
First, though, there was more entry-level interest in the market this week then there had been the week before. As a consequence, the weekly median price fell by more than ten percent to settle at $327,500.
Meanwhile, the weekly average price grew nearly ten percent, skewed by that huge Ntaiuna sale. It came in at $395,711.
The six-week average price jumped to its highest point this year, $350,629. That is, in fact, its highest point since early June of 2017. This week’s number is 12K higher than it was last week and nearly $28,000 up from where it stood a year ago.
The four-week median price came in at $332,000 which is down five thousand dollars from last week but up annually by 22K.
Once again, sellers hoping to run away with an overbid on their home were disappointed. This week, 55 of 63 sales reported a price below the seller’s asking price by an average of $18,743. The impact of a hefty discount on that big sale can be seen when you refer to the underbid numbers by area on the final chart of this post.
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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Norm Fisher
Royal LePage Vidorra
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