Even as fall set in, Saskatoon real estate agents had a busy week with 80 local home sales reported to the MLS®, up 18 from the previous week. That was enough to match numbers recorded for the same period last year. As September draws to a close, monthly sales numbers exceed those recorded during the same month last year. We only have one business day to report sales for the month but it appears likely that residential sales will post a ten percent gain, or very close to that.
New listing activity slipped lower for the third consecutive week. A total of 149 Saskatoon homes were added to the multiple listing service® this week, down just two from both last week, and the same week last year.
Total MLS® inventory in the residential category inched lower to 1892 for a weekly decline of 17 and an annual drop of 63. As of this morning, 1145 single-family homes are showing an active status on the system. That number is down 13 from last week’s close, but up by 58 when compared to levels recorded on the same day last year. Today, there are 654 condominiums for sale in Saskatoon, well down from the 745 units that were for sale a year ago.
While sales numbers were up sharply compared to last week, the split between the upper end and lower end sales was nearly the same as it was last week. The weekly median price, at $335,000, barely moved at all, even as the average sale price for the week edged lower to $340,615.
The six-week average price fell by less than $600 to $333,294. That’s up about $14,000 from the same week last year. The four-week median price continued its upward trend, now for the fifth consecutive week as it reached $325,000. That’s up 5K from last week and amounts to an annual increase of ten thousand dollars.
Three fortunate sellers got a break at the negotiating table with an above list price sale that delivered an average bonus of $4,733. Two of those homes went for just $100 above list, while the third reported a sale at 14K more than they were asking. It’s my understanding that the price included a number of household items that wouldn’t normally be part of a real estate trade. Meanwhile, 73 of 80 sellers sharpened their pencil and agreed to sell their home at a discount that averaged $13,471.
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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