Softness in Saskatoon housing sales persisted through another week as local agents reported just 28 firm home sales to the multiple listing service®, down five from last week, and below sales for the same week last year by 13. Once again, Saskatoon real estate agents used the time that wasn’t eaten up selling homes, by listing them, as another 179 properties found their way to the MLS®. That was 15 fewer homes than were listed the week before, and 67 more than were introduced to the market over the same period of time last year. The large disparity between sales and new listings brought the active inventory of residential MLS® listings higher again, something that we can expect to see regularly for the next two months.
By the close of business Friday, active listings had reached 1,340 within Saskatoon city limits, a huge increase of 88 listings when compared against numbers recorded at the close of last week, and sharply higher than levels of a year ago when 1,131 were available on the Saskatoon multiple listing service. The available supply of single-family homes sat at 771, up 36 from last week for a year-over-year increase of 91 (+13.4%) homes.
Condo inventory closed the week at 431, to grow by 34 over the course of a week, up 80 (+23%) from levels recorded at the close of the same week last year. More activity in entry-level price ranges ushered the average and median sale prices of a Saskatoon home lower. The average slipped almost 20K to settle at $359,857 while the median dropped just five thousand dollars to $335,000. The six-week average sale price stayed stable at $348,105 to maintain an annual increase of just over two thousand dollars.
Meanwhile, the four-week median price tumbled lower dropping 20K on the week to hit $319,000 for a yearly loss of six thousand dollars. Again, these price numbers are pretty much all over the place when there are under 30 sales in the mix so it’s difficult to draw any solid conclusions about price trends with such limited numbers. Even with weak sales two sellers found some love this week and negotiated an above list price sale. One other received a full price off while 25 of the week’s 28 deals went below list by an average of $8,980. Other notable real estate activity this past week included 50 canceled and withdrawn listings (45 and five respectively), 26 expired listings and 28 price changes.
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Norm Fisher Royal LePage Vidorra