Saskatoon real estate agents and associations are giddy with excitement as the market recorded its first month to show some gains this year. If you didn’t catch that release, it’s here.
Following a four-week winning streak during which Saskatoon real estate trades met or beat numbers from the same period last year, sales softened. Local agents reported 82 firm residential deals to the multiple listing service® this week, down ten from last week, to fall short of numbers recorded the same week last year by just three. Meanwhile, the number of new listings processed by our board went through the roof, as they often do when month end falls in the middle of a week. Many listings that fail to sell will expire on the final day of the month only to come back as a new listing on the 1st. The number of new listings came in at 207 for a weekly gain of 47 units but still fell short of the same period last year when 257 listings were added to the MLS®.
Even with a high volume of new listings and softer sales, the number of properties listed for sale on the Saskatoon multiple listing service® took its third consecutive decline and fell below 2000 homes for the first time since early May. This morning, total active residential listings are at 1986, down from 2048 at last week’s close for a year-over-year decline of 47 homes. Taking a closer look by housing type, there is a selection of 1090 single-family homes for sale in Saskatoon, down 17 over seven days, for an annual drop of 78 homes, or a decline of nearly seven percent. Condominium inventory took a big dip this week as it slipped lower by 44 units to end the week at 726, up from 663 a year ago, an annual increase of nearly ten percent. August was a decent sales month for apartments, which even recorded some price gains for the second month in a row, but much of the drop in the numbers can be attributed to expired listings and not actual absorption.
A bit more activity at the upper end of the Saskatoon real estate market ushered the weekly median price higher by nearly ten percent this week as it reached $327,500 while far fewer sales above 500K brought the weekly average price paid for a Saskatoon home down by almost as much, to $330,530. The longer term measures that we track each fell, albeit fairly modestly. The six-week average price slipped just over a thousand dollars to $357,174 to find itself up from a year ago for the fifth consecutive week, this time by just under seven thousand dollars. The four-week median price fell three thousand dollars over the week to settle at $335,000 for an annual loss of nearly 10K.
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.
Norm Fisher
Royal LePage Vidorra
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