For the second week in a row, the Saskatoon real estate market recorded a higher level of residential sales than we experienced over the same weeks last year. Local agents reported a total of 88 Saskatoon homes having sold through the MLS®, up from 81 last week and topping sales for the same period in 2017 by 10.
Meanwhile, new listing activity slid lower for the fifth consecutive week. A total of 167 residential listings hit the multiple listing service® in Saskatoon, down just six from the week before, and 61 fewer homes than hit the system over the same period last year.
In spite of strong sales and weaker new listing activity, MLS® inventory continued to push higher making marginal weekly gains. As of this morning, there were 2070 Saskatoon homes offered for sale on the MLS®, up just 14 from the week before, and down from 2228 a year earlier. History would suggest that we have passed our active listing peak for 2018. In two of the three previous years, the inventory remained stubbornly high for a couple of more months but it really didn’t grow after we hit mid-July. The spring market is soon to be in the rearview mirror. A closer look at housing categories shows 827 Saskatoon condos for sale, up from 815 a year ago, and 1119 single-family homes, down from 1212 at this time last year.
Both the median and average sale prices for the week remained stable compared to last week. They came in at $318,750 and $344,890 respectively. The four-week median price was unchanged on a weekly basis as it came in at $320,000 for an annual decline of five thousand dollars. The six-week average price of a Saskatoon home took an upward bounce to grow by more than 12K compared to last week as it reached $334,539 for an annual decline of about eighteen thousand dollars.
This week’s sales included seven full price sales and two overbids. One deal closed at $25,100 more than the asking price driving the average overbid to $13,850. The remaining 79 sales went for less than the seller’s asking price and netted those buyers an average discount of $11,745.
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