Saskatoon real estate sales activity fell lower on both a weekly and annual basis for this period. Local REALTORS® reported 50 firm residential trades for a decline of eight when compared to last week, which was well down from the 72 Saskatoon homes that sold during the same week last year.
New listing activity slipped lower by just one property compared to the previous week as 152 homes were offered for sale on the multiple listing service®, down from 162 for the same period of 2017.
The total number of Saskatoon homes listed for sale on the MLS® gained some ground reaching 1679 properties by today. That’s up 28 from last Saturday morning. At the close if this week last year there were 1864 homes showing an active status on the MLS. This is the fourth consecutive week during which active listings are at their lowest point for the end of March since 2014 when inventory began to grow significantly. A closer look at the major housing categories shows 900 single-family homes, up from 879 last week, and down from 988 a year ago. Condo inventory is now at 690, up ten listing from a week ago, and down 34 on an annual basis.
The weekly median sale price inched slightly higher ($1,250) to $321,250. With just three homes reported to have sold above $500,000 the average sale price for the week tumbled more than $30,000 to just $317,740. The four-week median price held steady at $310,000 for the third week in a row even as it came in shy of the number recorded a year earlier by nearly 20K. The six-week average price fell just over four thousand dollars from a week ago to finish this period at $323,680 for a year-over-year decline of roughly fifteen thousand dollars.
Only one seller managed to close a deal above asking price, and with a fairly modest overbid of just $100. Meanwhile, 46 of this week’s 50 sales reported a sale below the listed price with an average discount of $11,632 which is more than four thousand dollars lower that it was the week before.
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.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra
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