The Saskatoon real estate market is out of the gate for 2016, but moving at a slow pace as expected for the first week of January. Local agents reported just 25 firm residential sales to the Saskatoon multiple listing service®, growing by seven sales when compared against the previous week, and up two from the same week last year.
The number of new listings added to the MLS® exploded, just as it did as the new year year got underway last year. This is also expected given that some 400 or so listings have expired in the past thirty days. So, this past week 220 new listings hit the system, many of them making a repeat appearance. Those totals are up from just 48 listings last week, and ahead of the numbers generated during the same week last year when 194 new listings entered the system.
After slipping to its lowest point since mid-January of 2015, the MLS® inventory of available homes grew to 1542 for a weekly increase of 110 units, and a year-over-year increase of 290 homes. Just like last year, we are beginning the new year with record levels of inventory. How high they’ll go in 2016 is anybody’s guess. Last year we picked up 900 listings between the start of the year and the peak. It seems pretty likely to me that a new record will be reached this year.
Taking a closer look by housing type, today you’ll find 861 single-family home listings, up from 731 a year ago. Condo inventory comes in at 520 units today, way up from the 337 properties that could be found on the system at this time last year.
The average selling price of a Saskatoon home reached $365,010 this week, about where it was last week. The median price moved higher reaching $347,500. Meanwhile, the six-week average price grew by about $4,000 over the week to find itself up about eleven thousand dollars compared to levels of the previous year. The four-week median price took a drop of $6500 when compared to last week to finish the week down on a year-over-year basis by six thousand dollars.
As is often the case, this particular time of year delivers some of the more favourable conditions for buyer. As a result, there were no overbid sales this week, though four buyers did pay full price. 31 of the week’s 35 sales went below the asking price generating a hefty average discount of $16,532. This number was somewhat skewed by the highest priced sale of the bunch, a Nutana area home priced above $1,000,000 that gave up more than 100K to close the deal.
Other notable real estate activity this past week included 54 cancelled and withdrawn listings (43 and 11 respectively), 48 expired listings and 33 price changes.
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Norm Fisher
Royal LePage Vidorra
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