Sales took a modest upward turn this week as Saskatoon real estate agents reported 58 firm residential trades. That was enough to record a weekly gain of seven sold units, but at the close of the week, numbers fell short of those recorded over the same period last year when 66 Saskatoon homes changed hands.
The number of new listings added to the database of the multiple listing service® also grew from last week. Local REALTORS® submitted 114 properties to the MLS®, up from 105 the week before, but well below the 145 Saskatoon homes that hit the system during the same period last year.
The inventory of homes listed for sale in the city continued on a downward trend, now for the tenth consecutive week. As of this morning, there are 1580 residential properties available to buyers on the MLS®. That number is down just 16 units from a week ago, but lower by 162 units from the close of the same week last year. I believe that to be the largest annual decline that we’ve seen this year.
A closer look at the two major housing categories shows that we have 960 single-family homes for sale in Saskatoon, down 20 from a year earlier, and 541 condos, down from 650 at the close of the same week last year.
A drop in sales above the $400,000 mark ushered both the weekly median sale price and the weekly average sale price lower to $330,000 and $318,025 respectively. Meanwhile, both of the longer-term measures that we track took gains. The six-week average price grew to $331,525. That’s up about $5500 from last week, but down roughly two thousand dollars from this time last year. The four-week median price rose by close to thirteen thousand dollars from last week to finish at $332,850. That measure is up about two thousand dollars from the close of the same period last year.
This is the fourth consecutive week that showed no competitive overbidding activity. Eight new homes traded this week and while some of those showed a sale price above the list price, the most likely explanation is that additional value not accounted for in the list price was added during negotiations.
Of the 59 sales reported this week, 51 showed a sale price below the seller’s asking price with an average discount of $13,043.
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.
Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra