Just as they did during the same week of last year, Saskatoon real estate sales took a huge dip, perhaps due in part to a shortened work week. Local REALTORS® reported just 63 firm residential sales to the multiple listing service® for a weekly decline of 25 units, but still high enough to beat sales over the same period last year by one unit. With a high number of expired listings in the mix over the past two weeks, new listings spiked higher to 194, up from 170 last week from an annual increase of 15 homes.
The number of active MLS® listings available to buyers continued to trail lower, however slightly. Residential inventory sat at 2044 this morning, down from 2055 at the close of the previous week for a year-over-year increase of just 40 units. Today there are 1097 single-family homes for sale on the MLS® in Saskatoon, down from 1166 at this time last year. Condo inventory is higher, of course, growing from 646 at the close of the same week of 2015 to 768 today.
The luxury housing market continues to do quite well in Saskatoon with a remarkable number of sales in occurring above $800,000. This week there were three and those three listings contributed an average of over one million dollars each to the sales volume, skewing prices higher. The average sale price for the week reached its highest point this year at $382,792 even while the weekly median price fell to $325,000. Meanwhile, both the six-week average price and the four-week median sat at their annual peaks. The six-week average price grew by five thousand dollars from a week ago reaching $362,719 to finish ahead of where it sat a year ago, also by about 5K. The four-week median stayed steady at $345,000 to see a year-over-year decline of twelve hundred and fifty dollars.
Only one buyer made an offer of more than list price with that seller netting a $7,100 bonus while another five deals closed at the seller’s asking price. The remaining 57 sales went for less than asking price winning those buyers an average discount of $14,662. That number was skewed higher by a $120,000 on the highest priced sale of the week.
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.
Norm Fisher
Royal LePage Vidorra