Saskatoon real estate sales grew for the third consecutive week to reach a new annual peak. By the close of the week, local agents had reported 99 firm residential trades to the multiple listing service®, for a weekly increase of eight sales. While that number falls short of meeting the 114 deals that closed over the same week last year, it continues to look more like spring activity than winter.
New listing activity fell on both a weekly and an annual basis. A total of 158 residential listings were added to the Saskatoon MLS® this week, down nine from last week, and 30 units short of last year’s number for the same period.
The total number of MLS® listings available to buyers grew modestly, now for the fourth consecutive week.
By this morning, there are a total of 1537 Saskatoon homes showing an “active” status on the MLS®. That’s up just 17 from last week’s close, and well below the 1879 active listings that buyers had to choose from a year ago.
Today’s totals include 886 single-family homes, down 180 properties annually, and 579 condominium units, down from 671 at the close of the same week last year.
A bit more activity at the lower end of the Saskatoon real estate market brought the weekly median sale price of a local home lower by 5K to $324,900. Meanwhile, two residential sales above the million-dollar mark pushed the weekly average higher by nearly 20K to $372,295.
Those two large sales also pushed the six-week average price higher. It grew by more than twelve thousand dollars from last week’s close and reached $348,911 to claim an annual gain of roughly the same amount. The four-week median price fell lower by just $1000 to $337,000 on a weekly basis while showing a seven thousand dollar annual increase.
Just one lucky seller sold at a price that exceeded their asking price as they pocketed a $3,700 bonus. On the flip side of the negotiating table, we see 90 sales recording a discount to the buyer which averaged $17,410. That’s number is significantly higher than what's expected. It was skewed up by a quarter-million-dollar discount on those two million dollar plus sales. Together, they drove the average discount higher by about $2500.
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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