A short work week likely contributed to falling sales this week as Saskatoon real estate agents reported just 52 firm residential trades to the multiple listing service®. That’s down 30 units from the week before and eight fewer sales than were reported over the same period last year.
New listing activity fell to its lowest level since late February with just 109 Saskatoon homes being added to the MLS® for a weekly drop of 39 and an annual dip of nine.
MLS® inventory slipped marginally lower as we closed the week with 1756 active residential listings, down just ten from last week’s close. At the end of the same week last year, buyers had 1836 residential listings to choose from.
Today’s totals include 1083 single-family homes, up 60 from a year earlier and 586 condos, down 112 from the close of the same week last year.
Entry-level sales continued to dominate the sales activity as buyers scooped up cheap condos and pushed the median sale price for the week lower again to $284,750. The average sale price for the week bounced higher but still remained well below the annual average at just $315,245. That, despite the fact that a single sale at $1,335,000 skewed the average significantly higher.
The six-week average price slipped a bit more than four thousand dollars this week to $331,012 but still managed to maintain some annual gains. It was up about 12K from a year ago. The four-week median price slid $10,000 from last week to settle at $310,000. The measure is also down 10K on a year-over-year basis.
Once again, only one seller found a buyer willing to pay more than the list price, but the bonus was hefty at $16,500. Meanwhile, 47 of 52 deals closed at less than the asking price with an average discount of $10,263.
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