Coming off of the strongest January since 2014, Saskatoon real estate sales numbers continued to show a solid weekly performance. Over the past week, local REALTORS® reported 56 firm residential sales to the multiple listing service®, enough to match last week’s numbers, and beating sales for the same period last year by 12.
Meanwhile, the number of new listings added to the MLS® was moderate, compared to recent years. This week, 134 Saskatoon homes were offered for sale on the system, up just two from the previous week, 21 fewer than we saw during the same week last year.
The inventory of active MLS® listings in the residential category had been growing very slowly over the first month of the year. This week, we see the first drop of the calendar year as total listings fell to 1518, down from 1536 at the previous week’s close. That’s 112 fewer homes than we had for sale at this time in 2017. A closer look at the two major categories of Saskatoon housing shows 794 single-family homes for sale, a decline of 18 from a week earlier, and down 55 from a year ago. Condominium inventory is at 635 today, precisely where it stood at the close of the same period last year.
A slight increase in upper-end real estate sales activity pushed the median sale price for the week slightly higher to $346,000 even as the average sale price of a Saskatoon home (for the week) edged lower to $358,265. The longer-term measures showed some interesting changes. The four-week median price grew by close to ten thousand dollars as compared to last week’s close, hitting $339,450 and reaching its highest point in 19 weeks. That number is up nearly twenty thousand dollars from a year earlier. Meanwhile, the six-week average price increased roughly 5K from a week earlier to hit $347,373. That is up about four thousand dollars from a year ago, and at a 21 week high.
For the first time in several weeks, we actually saw some overbid activity as three sellers accepted offers form more than their asking price. Those deals paid an average bonus of $767 with one seller running away with most of that cash ($2,100). On the flip side of the negotiating table, 46 of this week’s sales went for less than the asking price generating an average discount of $12,502.
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.
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Royal LePage Vidorra