For the first time since September of 2014, the Saskatoon real estate market showed positive sales gains on a year-over-year basis for a third consecutive week. They’re not big weeks, so the numbers aren’t that impressive, but its something positive to talk about for a market that saw sales drop during all but a small handful of weeks in 2015. Local agents reported 41 firm residential deals to the Saskatoon multiple listing service® this week, up from 35 the previous week to finish well ahead of the 28 transactions processed during the same period last year.
Meanwhile, the number of new listings added to the MLS® fell to 159, down about 61 units compared to last week, even falling short of new listing numbers for the same week last year by 20 Saskatoon homes.
In spite of rising sales and falling listings, the database of active Saskatoon real estate listings managed to make some small gains as it grew to 1578 from 1542 a week ago, leaving us up on an annual basis by 230 homes. Today, home buyers can find 875 single-family homes listed for sale in Saskatoon, up just 16 from last week for a year-over-year increase of 104. Condominium inventory moved up by 19 from last week to finish the week with 539 available properties for an annual increase of 108 units. The balance of the gains that we see fall into the other housing types, like duplexes, semi-detached homes, vacant lots, etc.
A welcome burst of activity at the entry levels of the local real estate market brought the median sale price of a Saskatoon home lower this week to just $290,000. The average price for the week also slipped as it fell to $342,652. The six-week average sale price edged lower losing about five thousand dollars from where it stood a week ago. It settled at $354,260 when all of the sales were counted for an annual increase of about six thousand dollars. Meanwhile, the four-week median price fell to $323,500 taking a $10,000 drop on the week, but a year-over-year increase of forty-five hundred dollars.
It was another week with no overbid sales. I believe that to be the third week in a row, which might also be the longest run in that department for quite some time. While five sellers did manage to negotiate a full price offer, 30 of the week’s 41 sales closed below the asking price generating an average discount of $9,132.
Other notable real estate activity this past week included 46 canceled and withdrawn listings (45 and one respectively), 39 expired listings and 32 price changes.
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Royal LePage Vidorra