It was another solid week for Saskatoon real estate sales as the number of homes that traded exceeded that of the same period last year for the third consecutive week. This three-week winning streak is the longest run of annual gains that we’ve seen in 2018. After some significant decreases over the past couple of months, it appears that July will record some annual sales increases.
A total of 92 Saskatoon home sellers saw a sold sign go up this week. That’s modestly higher than the 88 sales recorded the week before, and a gain of 22 firm deals when compared against numbers for the same week last year.
New listing activity saw a modest uptick as 176 homes entered the MLS® system, up nine from the previous week, and well up from the 146 Saskatoon homes listed for sale over the same period a year earlier.
The MLS® inventory of active residential real estate listings failed to make any gains this week but saw no declines either. It closed the week with a total of 2070 homes for sale within the city of Saskatoon, precisely where it sat a week earlier, and significantly below the 2225 homes that were for sale at this time in 2017. It seems fairly likely to me that our inventory peak occurred in late June when the number of listings reached 2131. A closer look at the major categories shows that we have 821 active condominium listings today, about a dozen fewer than were available a year ago. In the single-family homes category, there are 1124 properties showing an active status, down from 1255 a year earlier.
A strong showing of Saskatoon home buyers who purchased above the $400,000 mark brought the median price of a Saskatoon home higher this week to $340,000 even as the average price for the period saw a small decline to $340,661. The six-week average price took a modest decline as it slipped about thirteen hundred dollars from last week to $333,529 and found itself down by about 15K on an annual basis. The four-week median price headed for higher ground and grew by five thousand dollars from last week to reach $325,000 which is exactly where it was at the close of the same week last year.
Once again, two fortunate sellers had buyers bidding more than their asking price, one paying a big bonus of $37,500. Meanwhile, 80 deals closed below the seller’s asking price netting buyers an average discount of $12,985.
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.
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Royal LePage Vidorra