Saskatoon real estate sales softened this week slipping by 15 units compared to last week to finish with 96 firm deals, down just three sales when compared against the same week last year. Meanwhile, the number of new listings added to the multiple listing service® slipped lower for the fourth consecutive week after reaching peak weekly numbers just a month ago. Over the past seven days, local REALTORS® brought in 196 new listings, down three from last week but ahead of numbers recorded the same week a year ago when just 167 listings came in.
The biggest news this week is the very first decline that we’ve seen to the inventory of active MLS® listings this year. At the close of business Friday total active listings had fallen to 2028 for a weekly decline of 65 listings, but still sits well up from a year ago when 1515 residential properties were offered for sale on the MLS®. Today we have 1202 active single-family home listings, up from 918 at this time last year. Condominium inventory sits at 622, ahead of last year’s levels by nearly 150. Will this be the turning point for the high inventory levels that the market has been experiencing through the entire year? Listing inventory declines that coincide with the final week of the month are always related to expired listings. The same is true this month as 94 listings that came to the end of their terms without a sale fell out of the totals. We’ll see how many of those expired listings return to the market this week.
Prices slipped lower using every measure we track, thanks in part to strong activity in the lower half of the market. The median price of a Saskatoon home saw the greatest change as it fell from $360,000 to $322,250. The average price also slid significantly coming down to $345,424 from $364,660 last week. Meanwhile, the six-week average price fell almost four thousand dollars from last week to $362,348 and closed about twenty-five hundred dollars lower than it was for the same week last year. The four-week median price slid fifty-one hundred dollars from last week to make its first appearance below 350K in almost two months time. It’s down on an annual basis by the same amount, $5,100.
It was the strongest week we’ve seen in quite some time for overbid sales which hit 15. Those deals closed paying an average bonus of $6,130 to the seller. On the other hand, 77 buyers negotiated a discount averaging $12,887 while the remaining four deals closed at the full asking price.
Other notable real estate activity this past week included 97 cancelled and withdrawn listings (92 and five respectively), 94 expired listings and 73 price changes.
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Norm Fisher
Royal LePage Vidorra
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