Saskatoon real estate sales fell lower this week. Local agents reported 98 firm residential trades to the multiple listing service®, down 12 from last week, but higher by 18 when compared against sales for the same week last year. This is the 17th consecutive week in which sales met or exceeded those for the same week last year (met on one occasion and exceeded on 16 others).

The new listing activity remained strong. As the calendar turned, 85 active MLS® listings expired, so this week’s numbers include many re-listed homes from that lot. In total, there were 183 new listings added to the system. That’s up from 161 last week and higher than numbers reported for the same week last year by 38 homes.

Active MLS® inventory dipped below 1500 as it has at the close of each of the past three months. Today, there are just 1484 Saskatoon homes showing an active status on the MLS® for a weekly decline of 39 units. At this time last year, active listings stood at 1783. 

Included in the inventory are 827 single-family homes, down from 1083 a year ago, and 577 condos, down 23 on a year-over-year basis.

30-day sales are at 434 today, down from 451 last week. With active listings at 1484, that gives us a “months of inventory” level of 3.44 months which is just slightly higher than it was last week.

Healthy activity at price points below the quarter-million-dollar mark helped usher the median sale price for the week lower by nearly 20K to $342,500. That segment also contributed to an even larger drop in the weekly average which came in at $353,955.

The four-week-median price reached an annual high for the second week in a row at $344,700. That’s up seventeen hundred dollars from last week, and higher by nearly 18K on an annual basis. The six-week average price inched upwards to $355,287. That’s just a couple of hundred dollars ahead of the previous week’s close, and about 16K higher than it was a year ago.

Overbid sales came in at seven, down from 11 last week. The average overbid was $6,629 but most of the big bucks were won by two sellers who averaged a 20K bonus. Meanwhile, 79 of the week’s 98 sales went for less than the seller’s asking price, netting those buyers an average discount of $9,674.

Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing 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. 

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Norm Fisher

Royal LePage Vidorra