The Saskatoon real estate market continued to move at a strong clip for the first week of December. Local agents reported 73 firm residential sales to the multiple listing service®, up by 14 compared to the previous week and topping sales for the same period last year by 24 units.
New listing activity reached its low point for the year last week at 73. This week, many listings that expired at the close of November came back to the market from another go. New listing numbers came in at 113, roughly the same number as we saw during the same week last year.
MLS® inventory in the residential category slipped to its lowest level since early March and settled at 1441 units. That is the smallest number recorded for this particular week since 2014. Active MLS® listings are lower by 89 compared to last week’s close, and down on an annual basis by 162 properties.
Saskatoon condo buyers have 511 homes to choose from, down from 603 a year ago. The number of single-family homes for sale in Saskatoon sits at 858, roughly five percent lower on an annual basis.
It was a strong sales week for homes priced below $250,000. Consequently, the median sale price for the week slipped to $305,000, while the weekly average price fell a bit more to $323,929. The six-week average price of a Saskatoon home inched up to $336,743 for a weekly gain of about fifteen hundred dollars. That represents a ten-week high, and is up about twenty-five hundred dollars, year-over-year. Meanwhile, the four-week median price took its second weekly decline and fell to $321,758 which is down about $7,000 annually.
Sellers hoping that some early Christmas spirit might generate an above list price offer were left disappointed. Buyers won at the negotiating table this week as 69 of the week’s 73 sales were reported to have sold below the seller’s asking price generating an average discount of $13,242.
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.
More weekly stats and numbers for those who love them.
Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra