The first week of 2017 is in the bag and activity was pretty fierce, at least on the new listing side. Saskatoon real estate agents brought in 196 residential properties to be added to the multiple listing service®, which is well up from the previous week during which just 20 homes were listed for sale. The first week of the month is always a strong listing week as those listings that expired without a sale at month end come back for another go. During the same week last year, 220 new listings hit the market. On the other hand, residential sales grew from 26 the previous week to 30 by the time the MLS® closed on Friday. That number is down by five when compared against the same week last year.
I mentioned last week that the gap we had been seeing in the year-over-year inventory measure has been getting smaller and smaller each week. Today, it’s nearly gone. As of this morning, there are 1537 active residential listing for sale on the MLS®, down just five from the close of the same week last year. Single-family homes inventory is lower by 56 units from a year ago at 805. Condo inventory is sharply higher, once again. They sit at 600 units today, up from 520 a year earlier.
The price measures are always a bit wonky when we are looking at such low volume weeks. Throw in an additional hand full of sales towards the lower end of the market and we see both the median price and the average price for the week fall to $291,250 and $330,443 respectively. While the six-week average price was down from last week by just a few hundred dollars, it plummeted pretty hard on an annual basis falling from $359,393 last year to $338,991 this week. The four-week median price moved lower by about six thousand dollars from last week to close at $331,850. That’s down just a bit from $333,500 at the close of the same week a year ago.
The total shut-out on overbid sales continued this week. While five sellers did manage to close a full price deal, the other 25 had to give up some dough and adjusted their expectations for an average discount of $14,956.
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