In last week’s Saskatoon real estate week in review, I described sales numbers as having seemingly fallen off a cliff. Apparently, we had not yet reached the bottom of that cliff. This past week, residential sale numbers fell a little further, from 63 the week before to just 51. That’s lower than sales for the same period last year by 21.
After an exceptional July which produced a 25 percent sales increase over the previous year, August seems determined to give up a good chunk of those gains. At this point in the month, we’re about 15 percent behind where we were by this time last August.
While not much exciting was happening on the sales front. Saskatoon real estate agents were kept busy bringing new listings to the MLS® system. Over the course of the week, 182 residential properties were added to the database of the multiple listing service®, up 45 from last week, but about even when compared to the same period of August last year.
Given the large gap between sales and new listings, the inventory of Saskatoon homes for sale on the MLS® grew by 23 this week to reach 2045. That’s down 208 properties from where it stood a year ago. The number of available detached homes climbed 20 from last week to 1137 but still finished lower than last year’s numbers by 145. Meanwhile, the number of condominiums for sale grew by nine from a week earlier and reached 783 for an annual drop of 82 units.
Area four (West from Idylwyld to Circle Drive) failed to record a single sale this week. Off the top of my head, I can’t recall another time that that has happened in any of the major areas as long as I’ve been writing this weekly review. Absent any sales numbers for that area, both the weekly median and the weekly average price grew by around $20,000 to $340,000 and $358,616 respectively. The six-week average price of a Saskatoon home took some modest gains and increased by about fourteen hundred dollars from a week earlier to close the week at $338,833. That’s about where it stood a year earlier. The four-week median price slid lower by about $4000 and finished the week at $321,000 finding itself down ten thousand dollars from a year ago.
Three sellers managed to complete a sale at their asking price this week. The remaining 48 sales all went for less than the seller’s listed price and netted those buyers an average discount of $12,048.
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