Saskatoon real estate sales continued to soften this week, as anyone familiar with the seasonal trends of home sales would expect. Local REALTORS® reported 54 firm sales to the multiple listing service® this week, down 15 from 64 last week, Sales are also down by six sales when compared against the same period last year. The number of new Saskatoon real estate listings added to the MLS® declined to 122, a fairly big slide from last week when 155 new listings were added, and down from the same week last year by just three. Once again, these kinds of declines are typical for the season and we can expect the numbers to soften a bit each week through December as unit sales and new listings produce some of their smallest numbers that we’ll see all year.
The total inventory of residential MLS® listings slipped lower for the first time in three weeks. Most interesting is the fact that the year-over-year declines that we’ve been experiencing since late August are continuing to narrow and are now pretty skinny. Numbers were falling rapidly last year at this time so a couple of weeks of growth has really narrowed the divide. Today, Saskatoon home buyers can find 1806 properties for sale, down from 1830 a week earlier. Last year at this time there were 1858 Saskatoon homes for sale. The single-family homes category fell lower by seven from a week ago to finish down from last year’s number by 58. Meanwhile, condo inventory slipped by eight to close the week above levels recorded at the end of the same week last year by 34.
With fewer upper-end sales in the mix this week the median price and the average price for the period slipped fairly significantly to $330,000 and $329,239 respectively. Both of the longer-term measures slipped lower as well, but fairly marginally. The six-week average shed twenty-five hundred dollars to settle at $344,116 for an annual drop approaching nine thousand dollars. This is as low as the six-week average has been since late April and it’s trending lower pretty consistently for six weeks now. After peaking at its annual high of $345,000 last week, the four-week median price also came down to $340,500 to find itself down eight thousand dollars from where it stood a year ago.
After two weeks of no above list price sales, the streak was broken by one very modest overbid of a hundred bucks on an area five home. While five sellers managed to seal the deal on a full-price sale, 48 others gave up some dough at the negotiating table and netted their buyer an average discount of $12,608.
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Royal LePage Vidorra