The Saskatoon real estate market continued to show promising signs of life as the holiday season got further behind us and people continued to get back to the business of life. A total of 50 residential properties were reported as firmly sold this week including 48 single-family houses and condominiums, an increase of 7 homes from last week, and just 3 fewer than the same week last year. Just three weeks into the new year the sales line on our graph does seem to be mirroring last year’s sales activity.
A total of 93 Saskatoon houses and condos were added to the MLS system this week, up from 73 during the same week last year, but down significantly compared to last week when 134 new listings were offered for sale. Additionally, 17 of the 28 properties that were canceled or withdrawn from the system made another appearance, re-introduced as a new listing. Still, the total residential listing inventory managed to remain fairly flat finishing the week at 1,191 units, up just three from the week before. Of course, total active listings continue to be the “800-pound gorilla in the room” as the inventory hovers at levels approximately three times higher than it was at this time last year. While real estate sales activity looks promising in comparison to last year, listing numbers are definitely up (249 houses and condos listed year to date compared to 207 for the same period last year), and given the high inventory levels at the start of the year, this will continue be a concern for some, primarily sellers and seller’s agents.
The average selling price of the Saskatoon homes that traded this week came in lower, falling from $284,563 last week to finish at $278,301. The six-week average increased slightly over the previous week moving from $268,110 to $270,116 and managed to maintain a gain of $14,500 compared to the same week last year when it reached nearly $255,600. The four-week median price took a larger jump to $265,000, up about $5,000 from the previous week and about $9,000 higher than the same week last year. The latter two measures appear to be headed for slightly higher ground as some of December’s lackluster sales weeks get shaken out of the equation.
Just 46 price changes were recorded in the residential category this week, and of course, most of the 17 properties that were canceled and re-listed came back on the system at a lower price. Saskatoon home sellers met a more congenial home buyer over the past seven days as 6 sellers (12.5%) managed to get their full asking price and the average underbid came in lower at just $13,134 compared to $16,405 the week before. A full 62% of buyers signed a deal within $10K of the asking price, compared to just 37% the week before. Naturally, this affected all of the larger “discount” categories. The $10,001-$15,000 discount range fell to just 17% from 32%. The $15,001-$20,000 and the $20,001-$25,000 dropped by nearly half to 4% and 6% respectively while the percentage of sellers who gave up more than $25K fell from 14% to 11%. I
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Norm Fisher Royal LePage Vidorra