Saskatoon real estate activity continued to follow a typical seasonal pattern as residential unit sales fell by three compared to last week for a total of 51 trades, five more than were conducted during the same week last year. Meanwhile, the number of new listings added to the Saskatoon MLS® remained stable at 116, a change of just one from last week, beating last year’s number by 16 homes.
The total number of active residential listings on the multiple listing service® slipped marginally lower from 1687 at the close of the previous week to 1662 today. That comes in short of last year’s levels by a mere 26 homes. It would appear that this year is about to wrap up with as much inventory as we had at the close of 2015. There are some shifts within the major housing types, however. For instance, single-family homes inventory sits at 866 today, down from 926 a year ago. Condo inventory has grown from 583 a year ago to 649 today. Construction on a large number of new units has wrapped up in the past couple of months and that’s likely what’s been pushing the condominium numbers higher.
Entry-level activity dominated the sales board this week with eight sales at prices below $200,000 and only two that topped $500K. The weekly median price slipped to $310,000 to find itself at its lowest point in a few months time. The weekly average sale price of a Saskatoon home fell more to $321,605. The six-week average sale price stayed fairly stable dropping just $900 from last week to $344,903 to find itself down ten thousand dollars on an annual basis. The four-week median price took its fourth consecutive weekly decline and finished the week at $329,900 for an annual loss of seventeen thousand dollars.
Buyers won the week at the negotiating table as 48 of them wrapped up a deal below the asking price by an average of $12,450. Another two paid the full asking price. Finally, one excited buyer closed their deal with a $30,100 overbid, no doubt leaving their seller feeling particularly lucky going into the holidays.
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Royal LePage Vidorra