Saskatoon real estate sales fell further this week taking their fifth consecutive weekly slide to reach their lowest point since January of this year. Local REALTORS® reported just 50 house and condo sales to the multiple listing service® for a weekly decline of 13 units and a drop of 20 when compared against sales recorded during the same period last year. New listings edged higher as 91 houses and condominiums were added to the Saskatoon MLS® inventory, up 11 from the previous week and ahead of last year’s number by 20 homes.
A fairly high number of cancelled listings kept the inventory of Saskatoon MLS® listings from reversing its six week trend of moving lower. The declines were kept to a loss of just four units from the totals. At the close of the week there were 1062 active MLS® listings in the residential category. That’s roughly 60 fewer units than could be found on the system a year ago. At this time there are 625 single-family homes and 337 condominiums for sale in Saskatoon. Last year at this time, single-family homes stood at 668 and condo inventory was at 383.
A near absence of luxury home sales brought the median sale price for a Saskatoon home lower this week by about eighty-five hundred dollars to just $314,000. The average sale price of a home fell further dropping more than 40K from the previous week to just $319,354. The six-week average sale price slipped about fifteen hundred dollars from last week to close the week at $336,065 for an annual gain of about eleven thousand dollars. The four-week median actually finished ahead of last week by two thousand dollars. It closed the week at $324,500 up nineteen thousand dollars from the same week a year ago.
Overbid sales fell to just one home. The seller netted an additional $1,100 on top of their asking price. Another ten buyers paid full price to close a deal on the home that they wanted. Meanwhile, 39 buyers ground their seller for a bit of a deal and picked up a discount averaging $9,265.
Other notable MLS® activity this week included 43 cancelled and withdrawn listings, 20 expired listings and 20 price adjustments.
Highlights from the news this past week
Mortgage crackdown threatens economy - CBC News
Canadian homes are getting more affordable - Financial Post
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Royal LePage Vidorra