Saskatoon real estate agents reported 51 firm residential sales to the multiple listing service® this week, down four from the previous week, to fall short of numbers recorded for the same period last year by just one. As of today, total residential sales for the calendar year are roughly on par with where they were at this time in 2017. Where January had produced some healthy increases in the number of homes that traded (compared to the previous January), some momentum has been lost in February and it appears that we may see modest year-over-year declines by the time the dust settles at month end.
Meanwhile, the number of new listings added to the MLS® fell lower on an annual basis for the eighth consecutive week. A total of just 106 Saskatoon homes hit the market this week, a decline of seven from last week, and down from 133 for the same period a year ago.
As of this morning, the total number of active MLS® listings for Saskatoon in the residential category sits at 1573, up just 14 from last week’s close, and down by 148 (about an 8.5% decline) from the close of the same week last year. While still very early in the year, this is definitely the slowest early-year growth that we’ve seen in a few years. Buyers have just 836 single-family homes to choose from, down from 894 at this time last year. Condo inventory is also lower than it was a year ago, by 30 units. Today there are 653 Saskatoon condos for sale on the multiple listing service®.
With far fewer trades reporting a sale price exceeding $500K, and a good measure of Saskatoon homes selling at price points below $250,000 both the weekly median price and the weekly average fell lower to just $307,000 and $316,675 respectively. Coming off of a strong drop last week, the six-week average price grew by nearly $2,500 from last week to finish at $337,436 and claiming an annual increase of roughly $1,600. The four-week median price slipped more than six thousand dollars from the previous week to $329,500. That was up 13K from where it sat at the close of the same week last year.
Buyers largely won at the negotiating table this week as not a single seller saw an offer come in above their asking price. In fact, 48 of the week’s 51 firm sales were reported to have sold below list price netting the buyer an average discount of $16,102.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.
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Royal LePage Vidorra