As November was drawing to a close, the Saskatoon real estate market held steady with 59 residential sales reported to the MLS®, the same number as the week before, and up by ten compared to the same period last year.
New listing activity fell sharply lower with just 74 Saskatoon homes hitting the system. That’s 40 fewer homes than were listed the previous week, and down by 16 when compared to the same period last year.
Residential MLS® inventory in Saskatoon took its largest tumble in weeks as it fell to just 1530 homes, down 50 from last week’s close, for a year-over-year decline of 101 units. This morning, there are 919 single-family detached homes for sale in the city, just two more than could be found on the multiple listing service® a year ago. There are also 530 condominiums for sale in Saskatoon, 74 fewer than were available at this time last year.
The weekly median sale price of a Saskatoon home fell lower to $319,500 while the weekly average headed in the opposite direction to close the week at $338,351. The six-week average sale price took another gain this week to finish at $335,248. That’s down about five thousand dollars from the close of the same week last year. The four-week median price fell lower to $325,000 to record an annual decline of twenty-five hundred dollars.
After four weeks of no overbid sales, a couple of eager buyers came out to offer more than the asking price, hoping to edge out competitive bids. A $1-million dollar home sold $99 above the asking price, while another, this one a sub-$200K home attracted an offer the was $10,100 above the asking price. Meanwhile, 51 of 59 Saskatoon home sales reported this week traded below the list price and netted those buyers an average discount of $14,017.
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
Norm Fisher
Royal LePage Vidorra
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