An upward sales trend continued for the Saskatoon real estate market this week as local REALTORS® reported 91 firm residential sales to the multiple listing service®. That is the highest number of residential trades for any week this year.
That was 15 more sales than were recorded the previous week. More interestingly, it’s the first time since the final week of March that we saw sales increase on an annual basis. Over the same week last year, Saskatoon real estate agents finalized just 73 deals.
Home sales, while well down on a year-over-year basis have been showing remarkable and steady improvements over May. Where April sales fell 45% annually, May sales are down just 24%.
The inventory of active residential listings inched higher this week. It grew from 1505 last week to 1522 today, to finish down annually by 388 properties. That represents a year-over-year decline of roughly 20%.
There are currently 877 Saskatoon houses for sale, down from 1079 a year ago. Additionally, there are 569 Saskatoon condos in the mix, down from 709 at the close of the same week last year.
The median sale price of a Saskatoon home fell to $329,900 for a weekly decline of more than 30K as a surge of lower end sales occurred. The average price for the week moved in the opposite direction as it grew by about eight thousand dollars from the previous week’s close. This was largely due to a good handful of trades above the $500,000 mark.
The six-week average price took its seventh consecutive weekly decline as it lost just $150 to settle at $336,450. That’s down annually by just under $4500. The four-week median price held firm at $338,000 which is higher than it was at this time last year by eighteen thousand dollars.
One lucky seller parlayed a multiple offer situation into a bonus of $5100 more than their asking price. Meanwhile, 84 of the week’s 91 sales closed for less than list price to net those buyers an average discount of $12,191.
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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