Happy new year, everyone, and thank you for joining me as we roll out what I expect will be another exciting year for Saskatoon real estate sales.
We are officially out of the gate with week one of Saskatoon home sales data in the books. This past week, local agents reported a total of just 26 residential sales to the Saskatoon multiple listings service® to start the year with an annual deficit. The week closed with eight fewer sales than had been recorded during the same week last year. New residential listings added to the MLS® this past week went the same way, falling from 74 for the same week last year to just 51 this past week.
The typical slew of year end expired listings delivered some relief to the lofty numbers of active residential listings that Saskatoon has been dealing with through most of last year. By the close of the past week inventory levels had fallen by 120 units, compared to the previous week’s close. As of this morning, there are 1184 active listings on the Saskatoon multiple listing service®. That’s ahead of levels recorded a year ago when 1032 Saskatoon homes were for sale on the MLS®. A closer look by housing type shows 677 single family homes bearing a for sale sign, up from 632 a year ago, and 358 condominium units being available for buyers, up from 320 at this time last year.
The average selling price of a Saskatoon home softened slightly to $312,260 this week, while the weekly median price also moved lower to $285,000. The six-week average price slipped about five thousand dollars on the week to settle at $345,392 for a year-over-year increase of roughly seven thousand dollars. Meanwhile, the four-week median priced gained a bit more than five thousand dollars compared to last week to finish at $336,410 for an annual increase of $11,410. Soft unit sales led to a blood bath for sellers this week as 21 of 26 sales went for less than the asking price. The average discount was the highest I recall seeing in a long time at $20,070 driven largely by average discounts in areas two and three that approached 40K. Another four sellers found a buyer willing to pay their asking price, while one got lucky with an above list sale offering an overbid of $100. Other notable real estate activity this past week included 23 cancelled and withdrawn listings (20 and three respectively), 123 expired listings and 12 price changes.
Once again, happy new year! A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.
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Norm Fisher Royal LePage Vidorra