It was another reasonably strong week for the Saskatoon real estate market given the season as we saw the fourth consecutive week in which sales met or exceeded numbers recorded for the same period the previous year. Local agents reported 46 firm sales to the Saskatoon MLS® system this week for a weekly gain of five units, enough to match sales for the same week last year.
At the same time, the number of new listings that were added to the multiple listing service® fell, and in fact, recorded annual declines for the second week in a row. A total of just 136 listings were added to the system over the course of the week, for a weekly decline of 33, and an annual drop of 45 Saskatoon homes.
Even as sales saw some marginal gains and new listings slid lower, the total number of available MLS® listings grew for the third consecutive week to close the week at 1611, up 33 from last week’s close to finish up on numbers recorded on this date last year by 178. A closer look by housing type shows that buyers have a selection of 881 single-family homes to choose from, up from 810 at this time last year. Condominium inventory grew to 575, up from 481 a year ago. These are some of the smallest annual gains that we’ve seen in a year’s time, but of course, we’re now looking backwards at some inventory numbers that had already taken big gains.
A slightly stronger run at the upper end of the Saskatoon real estate market brought the median sale price of a Saskatoon home back out of the depths and into more “normal” territory as it rose more than 50K to $342,000 while one sale above the million dollar mark pushed the average price higher to $355,759. The six-week average price took its second consecutive weekly decline as it slid eight thousand dollars to $346,182 to reach its lowest point since late October, five grand lower than it was a year ago. Meanwhile, the four-week median price moved in the opposite direction growing by eight thousand dollars on the week to reach $331,500. It fell short of where it sat at this time last year by thirty five hundred dollars.
After being shut out for a few weeks in a row overbid sales returned to the board as three lucky sellers managed to close a deal above their asking price with a modest bonus of $1243 being paid on average. On the flip side of the negotiation table buyers made off with larger than normal discounts as 42 home sellers agreed to a deal that had them dropping an average of $15,122 to close the sale.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Royal LePage Vidorra