The Saskatoon real estate market saw modest declines in both sales and new listings this past week. Local REALTORS® reported 70 firm residential transactions, a drop of 16 from the previous week, which is down the same amount from numbers generated during the same time period last year. New listings took a larger slide from 204 last week to just 170, down from 203 last year.
That large gap between sales and new listings, combined with fewer expired and canceled listings served to drive inventory higher for the third consecutive week. That’s not particularly unusual at this time of the year, but as the black line on the active listing chart indicates, we’re making some quick, large gains that might move us out of the “four-year historical lows” area that we’ve been in for the past thirteen weeks. By early Saturday morning, the number of Saskatoon homes for sale on the multiple listing service® had grown to 1997, up from 1953 at the previous week’s close but still well down from the 2174 listings that could be found on the MLS® at this time last year. Taking a closer look at the two major categories of housing shows 1055 active single-family homes listings, down from 1194 a year ago, and 817 condominiums for sale, also down from 823.
Fewer entry-level sales over the past seven days brought the weekly median price and the week average sharply higher to $333,250 and $333,905 respectively. The longer-term measures that we follow both moved in the same direction. The six-week average price of a Saskatoon home hit $333,827 for a weekly increase of about three grand, and a hefty annual decline of 24K. The four-week median price grew even more and reached $320,000 for a weekly increase approaching $10,000. It posted an even larger annual decline as it fell from $357,806 at the close of the same week a year ago.
Two Saskatoon home sellers got a lucky break and received offers exceeding their asking price with an average overbid of $2100. Meanwhile, 65 of the week’s sales were reported a price below the seller’s offering with an average discount of $13,135 being reported.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.
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Royal LePage Vidorra