Saskatoon real estate sales continued to show strength through the final week of October to close the month with a year-over-year increase in units traded that topped seven percent. Local REALTORS reported 70 firm residential sales to the multiple listings service®, up by four from the previous week, and higher annually by 35 sales.
New listing activity continued to show signs of decline. A total of 129 Saskatoon homes were offered for sale on the MLS®. That number is up by three from the previous week, and down by 22 compared to the same week last year.
Strong sales, softer listing activity and a slew of listings that came to the end of their term without a sale brought the total number of Saskatoon real estate listings sharply lower. This morning, we see 1626 active listings on the MLS®, down 101 from a week ago, and lower than the number recorded at this time last year by 125. Expect to see a bump to the numbers next week as sellers regroup and bring their home back to the MLS for another go.
Today’s total includes 1055 single-family homes, about 68 more than could be found at this time last year. Condo inventory is at 555, down 108 units from a year ago.
Following three weeks of activity that was largely driven by entry-level buyers, upper-end home sales had a solid run to push the weekly median price of a Saskatoon home higher by 67K. With a dozen sales topping the $500,000 mark, the weekly average price also surged higher to hit $362,800. That’s up nearly fifty thousand dollars from last week’s average.
The six-week average price headed up too, though far more modestly. That measure grew by $2500 from a week ago to reach $328,500. That’s about thirteen hundred dollars higher annually. Meanwhile, the four-week median sale price of a Saskatoon home remained unchanged from last week at $316,000. This measure is down annually by one thousand dollars.
For the first time in a couple of months, there were no overbid sales reported. Buyers had a good week at the negotiating table as 62 of the week’s 70 sales were reported to have sold below the asking price, netting an average discount of $13,199.
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