Saskatoon real estate sales hit their lowest point since the first week of 2012 this week as just 48 single-family homes and condominiums were reported as being firmly sold to the multiple listing service®. This week’s sales fell by 15 compared to the previous week to finish down by six when compared against the totals recorded during the same week last year. New listings also slipped lower at a slightly slower pace. Saskatoon real estate agents added just 84 homes to the MLS® this week for a weekly decline of six. That number is sharply higher than the 59 listings added over the same period last year.
The inventory of Saskatoon MLS® listings continued a very slow slide and reached 1010 by today, its lowest level since March. That number is down just 13 units from the close of the previous week and pretty much on par with levels seen at the same time last year when total residential listings had fallen to 1008. Today, there are 602 active single-family homes listings and 313 condos for sale in Saskatoon. At the same point a year ago, single-family homes listings sat at precisely the same number, 602. Condo inventory was considerably higher at 396.
With far fewer luxury homes contributing to the mix this week, the average sale price and the median sale price of a Saskatoon home both fell rather sharply. Those measures both slipped by at least $50,000 to close at $333,280 and $313,146 respectively. Meanwhile, the six-week median price managed to edge higher gaining twenty-five hundred dollars from last week to close at $348,584 to claim an annual gain of more than thirty thousand dollars. The four-week median slipped lower by about a thousand dollars on a week-over-week basis and finished the week at $333,875 for a thirty-six thousand dollar annual gain.
Overbid sales re-emerged from the dust as two buyers offered their prospective seller more than the asking price to close the sale. Those two deals averaged a $2,708 overbid. Another seven buyers closed a purchase with a full price offer. An additional 38 buyers insisted on a discount and wrapped up their purchase with a five figure discount averaging $10,391.
Other notable MLS® activity this week included 33 cancelled and withdrawn listings, 22 expired listings and 15 price adjustments.
Highlights from the news this past week
Million dollar home sales double in Saskatoon - NewsTalk 650
City breaks $1-billion in building permits - Star Phoenix
Cooling housing market shows stricter mortgage rules are working: Flaherty - Financial Post
U.S. home prices record biggest jump in six years in October - Globe and Mail
House sales up seven percent year-to-date in Saskatoon - Star Phoenix
Consumers getting message on debt but will it last - Globe and Mail
Central bank warns ongoing low-interest policies a global risk - Star Phoenix
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An overview of data collection and calculation practices for our statistical reports is here.
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Norm Fisher
Royal LePage Vidorra