Saskatoon home sellers showed their spring spirit this week as local REALTORS® added 184 residential properties to the MLS® system. That number is up from 147 last week, and down from 226 for the same week last year, but it’s more or less what you’d expect as an average number in the April and May period.
Through the COVID-19 crisis, it has been our sellers showing the greatest reluctance to trade, which makes a lot of sense. After all, they are the ones that have to invite strangers into their space to make this work.
After four consecutive weeks of sales gains, Saskatoon real estate sales took a dip. Local agents processed just 49 firm sales this week. That’s down 20 units from last week, and far further down from the 90 sales reported over the same week last year.
At this point, May is looking a lot like April with sales down about 45 percent on a year-over-year basis but there seems to be a high level of interest in buying. Will more listing options draw more buyers into the market. I suspect so, just based on activity on our own listings, and what I’m hearing from others. We’ll see what the next few weeks bring.
The total number of Saskatoon homes available on the multiple listing service® took its largest single-week gain this year as it grew by 77 units to reach 1472. That’s down from 1818 a year ago, but the highest level we’ve seen since the third week of March when inventory peaked at 1502 and then began to slide.
At the close of the week, there were 857 single-family homes for sale in Saskatoon. That’s 50 more than could be found a week earlier, but well down from the 1010 available last year at this time. Condo inventory sits at 542 today, up from 516 at last week’s close, and down by 157 from levels recorded a year ago.
With nearly 20 percent of this week’s sales reporting a sale price of $500,000 or more, both the weekly median sale price and the weekly average price grew. Those measures hit $350,000 and $359,128 respectively.
The six-week average price fell lower for the fourth consecutive week. It landed at $346,700. That’s about a thousand dollars lower than it was last week, and about ten grand higher than it was at the close of the same week last year.
The four-week median price saw some gains this week as it grew to $327,500. That’s up $2500 from last week, and down forty-five hundred dollars on an annual basis.
There were just three overbid sales this week but a couple of those sellers won big.
This week’s sales produced the largest overbid I can recall seeing in Saskatoon at $120,100. That seller reportedly hosted 33 home showings over the period of a few days and received 14 offers on the home. That’s quite remarkable given that it was the highest-priced home to sell this week. Another seller saw a bonus that topped 20K. The average overbid was $48,433 (another solid example of how averages can be so concealing of reality).
Meanwhile, 44 buyers managed to close a deal below the seller’s asking price at a discount averaging $11,754.
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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