Saskatoon real estate sales fell sharply lower this week as local agents reported just 44 firm residential trades to the multiple listing service®, down from 63 during the previous period, and lower by two compared against the number of sales generated during the same week last year.
New listing activity actually increased, most likely due to a week that brought with it a high number of expired listings that re-appeared in the new listing category after they failed to sell during their first go round. This week saw 87 new listings added to the MLS®, an increase of 17 from both the previous week and the same week last year.
The number of active residential listings for sale on the Saskatoon MLS continued to decline, this week falling to 1636, its lowest level since early February. Today’s final tally is down 42 from a week earlier, and still up 16 from a year ago. We close the week with 900 single-family homes for sale, up 52 from this time a year ago. Condo inventory shows a year-over-year decline for the second week in a row with a marginal decline of just two units. As of this morning, there are 627 Saskatoon condominiums for sale on our MLS®.
Increased levels of sales at entry level price points brought the median sale price of a Saskatoon home lower this week to $315,250. The average sale price of a Saskatoon home sold this week fell just a few thousand dollars to $336,268. The longer-term measures that we track both managed to slip lower. The six-week average declined nearly four thousand dollars to $335,368. That’s down about five thousand dollars from a year ago, and its lowest point on the chart for this particular week in five years. The four-week median price fell half as much as the average and reached $321,250 for a year-over-year drop of 14K. It's also at a five-year low for week 51.
Once again, sellers who had any hope that multiple buyers might bid up their price and deliver a sale for more money than they had asked were left disappointed. Not a single Saskatoon home sold above list price, but one seller did find a buyer willing to pay what they'd asked. The remaining 43 trades resulted in a price that was below asking price by an average of $15,118.
Here is a breakdown of what the sales to listing price ration looked like on this week’s sales.
To those who celebrate Christmas, have a wonderful time with your family and friends in the days ahead. I look forward to catching up next weekend as we close 2017.
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