Saskatoon real estate sales reached a new weekly high for the year this week as local agents reported 76 firm residential trades to the MLS®. That’s up sharply from 49 last week, but it falls short of sales recorded over the same period last year by 19.
That’s our strongest “year-over-year” performance for unit sales since the second week of April.
The market, in general, seems to be trending towards higher levels of activity. You may recall that April saw sales decline 45 percent, compared to April of 2019. By the middle of May, sales are down 34 percent from May 2019. Still not great, but improving. There seems to be a positive vibe right now. We’ll see how that translates to sales but I have a feeling we will see continued improvements through the balance of May, assuming that circumstances around COVID don’t throw us a serious curveball.
New listings numbers were also fairly strong as 174 Saskatoon homes were added to the multiple listing service®. That number is down 11 units from last week, and further down by 46 homes when compared to new listings taken over the same week last year.
Active MLS® listings grew again, this week by 32 units. As of this morning, there were 1504 residential listings available on the system, which represents a new high for the year. Inventory previously peaked at 1502, just before the state of emergency was declared in Saskatoon. Still, a huge gap remains when we look back at inventory levels a year ago. At that time, Saskatoon real estate agents had 1890 listings for sale.
This week, the median sale price of a Saskatoon moved higher by more than eleven thousand dollars to reach $361,500. Meanwhile, the average sale price for the week slipped lower by 15K as it moved to $344,953.
The six-week average price took its sixth consecutive weekly decline as it slipped about ten thousand dollars from last week to settle at $336,604. That’s roughly $3500 lower than it was a year ago.
The four-week median price closed the week at $338,000, up a little more than 10K from last week, and higher annually by thirteen thousand dollars.
Just two sellers closed a deal for more than their asking price. Those two overbids were each worth $5,100 to the sellers.
On the other hand, 70 Saskatoon home buyers managed to grind their sellers down for a discount that averaged $14,288.
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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