Saskatoon real estate sales in the residential category fell lower this week to 58, down a dozen from last week, but up by 19 when compared against sales reported over the same period last year.
The number of new listings added to the multiple listing service® saw typical seasonal declines as well. Local REALTORS® listed 105 Saskatoon homes this week, down from 129 last week, for an annual decline of 14 properties.
MLS® inventory numbers took another drop, this one quite small. As of this morning, there are 1612 active listings within the city of Saskatoon, down just 13 from a week earlier. That said, listing numbers are sharply lower than they were a year ago when buyers could find 1749 homes offered for sale on the system.
Condo inventory is at 546 today, down from 651 at this time last year. The detached housing category has shown a higher number of listings annually almost every week this year, but this week there are just 987 units for sale, matching levels recorded a year ago.
While upper-end activity dominated the sales results last week, fewer of those buyers showed up during this period. This week we see just six sales at a price above $500,000. Entry-level buyers did come out and sales activity in price ranges below $250,000 was strong. This change drove the weekly median price lower to $317,500. The average sales price for the week followed along and fell to $325,588.
The six-week average price lost the gains it claimed last week and settled at $325,376 for an annual decline of $2500. Meanwhile, the four-week median price fell nine thousand dollars from last week’s close and an equal amount annually. It finished the week at just $307,000.
For the second consecutive week, there were no overbid sales reported, and just a small handful of trades that occurred at the seller’s asking price (all were new homes that may have included added value not accounted for in the original list price). Buyers closed their purchase at a discounted price in 53 of the week’s 58 sales. The average discount was $12,809.
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