Happy new year to you!
We are officially out of the gate for a brand new year of weekly Saskatoon real estate sales data updates.
The number of Saskatoon homes that traded through the MLS® system grew by 75 percent over the previous week! That sounds more impressive than it actually is, however. Total residential sales came in at just 28, up from 16 last week, and down from 30 for the same week last year.
The new listing activity also took some gains as they now begin an upward climb that will see increases during most weeks through the first half of 2018. Saskatoon real estate agents brought 117 new listings to the multiple listing service®, up from 87 last week, but way, way down from the opening week of 2017 when 198 new listings hit the system.
Weak new listing numbers and a big whack of home listings that met the end of their term as we ushered in the new year brought inventory down significantly. As of this morning, MLS® listings in the residential category had fallen to just 1469. That’s the lowest number for this particular week since 2015, and in fact, the lowest number of active listings for any week since the close of the 2015 calendar year when they sat at 1432. As the week ended, inventory was down 138 units from last week’s close, and below levels recorded at the close of the same week last year by 68. Could this be the beginning of the end for high inventory levels? That story will unfold and become clear over the next 60 to 90 days as we ramp up for the spring market. As of today, Saskatoon home buyers can find 808 single-family homes displaying an active status, down 70 from last week but up three from a year ago. Condo inventory is at 582 for an annual decline of 18.
Once again, these weeks with very few sales don’t tell much of a story in any of our data measures, especially price. This week we see both the weekly average selling price, and the weekly median price tumble to $312,250 and $266,900 respectively, with nearly half of this week’s sales reporting a price below $250K. The six-week average price edged lower by five thousand dollars compared to the week before to close this period at $335,890. That’s down by about three thousand dollars compared to the opening week of the previous year. The four-week median price fell sixty-five hundred dollars from where it sat last week to finish this week at $317,750 for a year-over-year decline of seventeen thousand dollars.
Even though the weather was cold and there was little heat in the market itself, one lucky seller must have found themselves looking at competing offers as they sold their home for $100 above asking price. The remaining 27 sales required some give on the sellers part. They were reported to have sold at an average discount of $14,378.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales.
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.
Royal LePage Vidorra