Residential sales continued to fall lower on an annual basis for the eighth consecutive week as Saskatoon real estate agents reported just 56 firm sales to the MLS® system, up from 50 last week, but down from 81 when compared to the same week last year. As the month of March draws to a close, the multiple listing service® shows just 234 sales in our city for the month. There were 310 sales last March.
Fortunately, new listing activity was also quite weak, perhaps an indication that a shortened work week was the primary culprit for both softer sales and listings. Local REALTORS® ushered 130 Saskatoon homes onto the system, down from 152 last week and way below the 200 properties that entered the system over the same period last year.
Even before month-end expired listings would draw MLS® inventory lower, the total number of homes for sale in Saskatoon took a very small dip falling to 1676 this morning, three fewer than we had a week ago, and down from 1854 a year earlier. The majority of the decline can be seen in the single-family housing category which fell from 999 at the close of the same week last year to 898 today. Condo inventory has also slipped lower to a lesser degree. Today there are 682 Saskatoon condos for sale, down 23 units from a year ago.
Sales activity above the $500,000 mark continued to show some weakness this week but one sale that approached the $900,000 mark helped nudge the average sale price of a Saskatoon home higher to $323,736 even as the weekly median price took a small dip to $320,000. Meanwhile, both of our longer-term price measures inched higher. The six-week average grew by roughly $800 from a week earlier to hit $324,466 for an annual decline of $17,000. The four-week median price moved to $317,500 after stalling at $310,000 for three consecutive weeks. It’s up about three thousand dollars from a year ago.
Once again, we see just one overbid sale this week. That deal netted the seller a $100 bonus. On the other hand, 54 of this week’s sales went for less than the asking price with an average discount of $11,692.
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.
Royal LePage Vidorra