Residential real estate sales took a further dip in Saskatoon last week, with just 30 houses and condos reported sold on the local MLS®. Last week’s firm sales reflect contracts written over the Christmas week so it’s little surprise that not much went on. Typically, this is the quietest week of the year, and this Christmas was no exception.
New listings rose sharply over the previous week with 49 new properties being offered for sale. Total active listings dipped a little further to 363 units including 163 houses and 156 condominiums.Overall, we have slightly more inventory than we had at this time last year. Unfortunately, the surplus is made up entirely of condos. We actually have fewer single family homes in inventory than we did at this time last year.
Once again, overbidding was almost a non-factor with only one home trading above the list price. The majority of buyers managed to negotiate almost $9,000 off of the asking price. The average selling price of $269,253 was the second highest on record this year, beat only once the week of November 12-16 when it peaked at $270,535.
I’m always happy to answer your Saskatoon real estate questions.
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Norm Fisher Royal LePage Vidorra