Saskatoon real estate sales slipped lower this week as local agents reported just 49 single-family home and condo sales to the Saskatoon MLS® system. This week’s numbers fell short of the previous week’s by nearly 20 homes to finish behind the same week last year by nine sales.
New listings fell by five compared to last week as 118 houses and condominiums were entered into the MLS® system. That’s also down from listing volumes recorded the same week a year ago when 130 new listings entered the system.
MLS® inventory in the residential category bounced back from a strong downward turn, a result of month end expiries, to grow by nearly 50 units this week and break the 1000 unit mark for the first time in nine weeks. Today, buyers can find a total of 1009 Saskatoon homes for sale, roughly on par with levels available at this time last year. A closer look shows that 329 condos and 590 houses area available on the Saskatoon MLS® system. At the same time last year buyers could find 345 condos and 582 single-family homes.
The average sale price of a Saskatoon home took a pretty big slide this week despite the fact that some large and expensive homes traded, including our first sale for the year at the one-million dollar mark. The average sale price slipped about eighteen thousand dollars to $332,248. Still, with twelve sales below the quarter million dollar mark, the weekly median fell even further slipping more than sixty thousand dollars from the previous week to just $289,500. Meanwhile, the longer term measures were almost unchanged. The six-week average price of a Saskatoon home actually grew by almost three thousand dollars on the week to finish at $335,758 for annual growth of close to 20K. The four-week median price slipped lower by thirty-five hundred dollars from the close of last week to finish up on a year-over-year basis by twenty-five thousand dollars.
Not a single Saskatoon home seller managed to bag an offer above their asking price this week. Only seven picked up a closed deal at their full list price. The other 42 buyers insisted on a discount and walked away with a closed transaction that was an average of $9,926 below the asking price.
Other notable MLS® activity this week included 24 cancelled and withdrawn listings, 8 expired listings and 21 price adjustments.
Highlights from the news this past week
Saskatoon residential sales cool in January - Star Phoenix
Saskatoon tops national growth rate - Star Phoenix
Housing: ‘The feared collapse has just not occurred’ - Globe and Mail
Mortgage rules take bite out of building permits - Financial Post
Housing data a bad omen for Canada’s economy - Globe and Mail
Canada’s home builders scale back - Globe and Mail
Sask. leads provinces in job growth, unemployment rate - Star Phoenix
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Norm Fisher
Royal LePage Vidorra