In step with a growing number of new Saskatoon real estate listings, sales grew for the second week in a row, this period reaching 117 for a weekly increase of four and an annual decline of 16.
Local REALTORS® added 223 new residential listings to the MLS® system, the largest number we’ve seen any week this year. That’s up just three from last week, which saw a sudden and significant spike. Still, that’s 43 fewer listings than we’d seen over the same week last year.
At the close of business Friday, the number of Saskatoon homes for sale on the multiple listing service® had grown to 1114 as it took its largest gains since early February. We finished the week with 54 more active listings than we had a week earlier, but well down from levels recorded at the close of the same week last year when 1489 properties showed as “active” on the system.
The single-family homes category saw a good spike as available detached houses grew by 31 to 566, down from 697 a year ago. Saskatoon condos for sale remained steady on a weekly basis at 449 but fell annually by 245 units.
30-day sales continued to fall lower, now for the third consecutive week. During this period, that measure came down by ten to 481.
Once again, “months of inventory” grew in two of the three categories we track.
All residential - 1114 active listings / 481 sales = 2.3 month supply (up by 0.1 months from last week).
Single-family homes - 566 listings / 296 sales = 1.9 month supply (same as last week).
Condos - 449 listings / 164 sales = 2.7 month supply. (up by 0.2 months from last week).
Nearly 30 sales below the quarter-million-dollar mark helped usher the median sale price for the week lower to $343,250. The average sale price fell as well to $373,397.
The six-week average price took its third weekly decline, this week losing a bit more than a thousand dollars as it settled at $369,150. That’s lower than it was a year earlier by about eleven thousand dollars.
Meanwhile, the four-week median price took some small gains as it grew by fifteen hundred dollars to $351,500. That’s down from the close of the same week last year by more than 30K thanks, at least in part, to a growing number of sales of entry-level condos.
The number of Saskatoon homes that sold for more than the list price spiked higher to 36, up by ten from last week, while the average overbid amount grew almost three thousand dollars to $18,192. The 68 homes that sold for less than the seller’s asking price saw an average discount of $9,450.
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. A description of the geographic boundaries of areas 1 through 5 is here.
More weekly stats and numbers for those who love them.
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