For the seventh consecutive week, Saskatoon real estate sales in the residential category grew over the same week in 2018. Local real estate agents reported 73 Saskatoon homes as having firmly sold, down from 95 last week, but up just a touch from the same period last year when 70 deals closed. As we head into the final stretch of the month of May, it appears that year-over-year gains will be recorded for the month (for third month in a row), setting us up for the longest run of year-over-year sales increases since 2014.
New listing numbers took another large decline as they fell to 147, down from 219 last week to finish lower annually by 23 units. With just four weeks of “spring” left this year, new listing numbers should fall lower by a small amount in each remaining month, with June being the possible exception.
Sales and listings
The inventory of MLS® listings available to Saskatoon home buyers edged higher growing by 20 this past week to reach 1910 for an annual drop of 87 properties. Available single-family homes hit a new annual high at 1079, up modestly from 1055 a year ago. Most of the losses to inventory numbers are in the condo category which shows 709 units today, down from 817 a year ago.
More entry level activity caused a modest decline to the weekly median price for a Saskatoon home which came in at $320,000. The weekly average price fell further. At just $331,813 that measure was close to twenty-five thousand dollars lower than it was last week, in spite of two sales that together added over two million dollars to the sales volume. Aside from those, there were only three other home sales that recorded a price above 500K.
The six-week average price moved up a few hundred dollars to reach $340,948. That was enough to post an annual increase of seven thousand dollars. Meanwhile, the four-week median price dropped by nearly seven thousand dollars from last week and settled at $318,250. That’s down a bit less than $2000 from where it finished the same week last year.
One fortunate seller sold for more than they were asking, putting an extra $2100 in their pocket. Another 66 of this week’s 73 sales went for less than the listed price netting those buyers an average discount of $11,430.
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.
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