Like the weather, the Saskatoon real estate market cooled significantly as we moved through what is invariably the slowest week of the year for home sales. REALTORS®, who find that their phones are not at all likely to ring at this time of year find themselves distracted by visions of the sugarplums dancing in their heads, last minute shopping and a great opportunity to unwind after a busy year.
Still, December wrapped up with 205 Saskatoon homes firmly sold, up from 190 last year, but falling short of being the “strongest December in a decade” as I suggested might be the case a couple of weeks ago. There were three Decembers over that period that saw higher levels of trades (215 in 2014, 255 in 2011, and 213 in 2009).
As for the week, agents brought 26 new listings to the multiple listing service®, mostly re-lists that had previously expired. That number is down from 87 the week before and falls below Christmas week listings of last year by six. Just 16 residential sales were reported, down from 44 the week before, for an annual decline of ten.
The inventory of Saskatoon homes for sale on the MLS® fell lower to 1607, down 19 from last week’s close, and up from 1560 a year earlier. Given that a good number of listings will likely expire on the 31st falling into next week’s numbers, we are likely to see one more decline in the inventory before it begins a slow steady upward crawl into the new year. A closer look by category shows 878 active single-family home listings, down from 900 last week, but up from 820 a year ago. Condo listings are sitting at 625 today, virtually unchanged over the course of the week, but up from 607 at this time in 2016.
With just 16 sales in the mix, the price numbers are pretty much meaningless but for the sake of consistency, here goes. The median sale price for the week bounced out of an atypical low to finish at $356,450 while the average sale price of a Saskatoon home this week edged higher to $333,084. The six-week average price grew by nearly five thousand dollars to hit $340,210 for a year-over-year increase of about six hundred dollars. The four-week median price also moved higher picking up nearly four thousand dollars from the week before, but closing lower than it did during the same week last year by 14K.
While three fortunate sellers did manage to close a deal at their asking price, the remaining 13 homes were reported to have sold below list price. The average discount was lower than what I would have expected during a week when sellers would have been lucky to even see a home buyer. Those homes that did sell below the listed price recorded an average discount of just $10,765. Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales.
As 2017 draws to a close, I’d like to wish each of you a happy new year. Thank you so much for continuing to read our updates.
Royal LePage Vidorra