Saskatoon real estate sales continued to soften as we pushed towards the holidays. Local agents reported just 46 firm residential sales this week, down from 54 last week to fall well below numbers recorded during the same week last year when 67 home sales were reported sold.
New listings also trailed lower. 100 Saskatoon homes were added to the multiple listing service®, a drop of 27 from a week ago, but well ahead of the 80 homes that hit the MLS® during the same period last year.
The inventory of active MLS® listings continued on a typical year-end downward trend as more homes expired without a sale. As of this morning there are 1688 residential listings showing an active status on the system, down from 1739 at this time last week, and up from 1298 a year ago. Taking a closer look by housing type, we can count 926 single-family homes that are currently offered for sale, down from 961 last week, but up from 764 a year ago. Condo numbers sit at 583 today, down from 604 last week, and up from 393 when compared against levels seen during this same weekend last year.
A real lack of sales at the upper end of the Saskatoon real estate market, combined with some stronger numbers at the lower end ushered prices lower by every measure. The median sale price of a Saskatoon home tumbled to $331,700 while the average sale price fell to to one of it’s lowest levels this year at just $326,064. The six-week median price edged lower to $355,098 for a weekly loss of roughly seven thousand dollars and an annual loss of about three thousand dollars. Meanwhile the four-week median price slipped about three thousand dollars from last week to settle at $347,000 for an annual increase of eight thousand dollars.
Overbid sales saw a bit of a comeback as four sellers found a buyer willing to pay more than they were asking with an average bonus of $1,100. Another four made off with a full price offer while 38 of 46 sales closed below the asking price netting the buyer an average discount of $11,400.
Other notable real estate activity this past week included 54 cancelled and withdrawn listings (50 and four respectively), 61 expired listings and 26 price changes.
My family will be celebrating Christmas next weekend so the Week in Review will be delayed a few days. I’ll get at it early the following week. If you celebrate too, we wish you the happiest of days, packed full of the people, food and other fun stuff that you enjoy the most. Merry Christmas.
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Norm Fisher
Royal LePage Vidorra