This week brought with it the close of November with a total of 281 residential sales having been reported for the month, down from 292 for the same month last year. With a percentage decline of just under four percent, November proved to be the strongest we’ve seen this year when compared against the same month for the previous year with the exception of July when sales for the month slightly exceeded those from the previous July. On a year-to-date basis, residential sales within the city of Saskatoon were showing a 13 percent annual decline at the close of the month.
The number of residential real estate sales reported to the Saskatoon MLS® system this week was up just one when compared against the previous week, and down just one on a year-over-year basis. New listings continued to display a slowing trend as they slipped lower to 107, down 19 from last week to fall just short of numbers recorded during the same week last year when 108 Saskatoon homes were offered for sale.
This week brought with it the largest decline to the active listings inventory of available Saskatoon homes on the multiple listing service®, which is clearly expected to happen during the month of December, typically at a pretty rapid pace as the holidays approach. These numbers should continue to fall through the last week of December before they start to consistently increase again as we push towards spring. We close the week with 1759 active residential listings, down 99 from last week, and up from 1410 at the close of the same week a year ago. A closer look by housing type shows 961 single-family homes for sale, well down from 1038 last week, and up from 816 at the same time last year. Condo inventory is at 596 today, down from 628 last week, and up from 443 a year ago.
Significantly more upper end activity brought both the weekly median sale price and the average sale price of a Saskatoon home higher to $355,500 and $367,340 respectively while the longer terms measures that we track moved in opposite directions. The four-week median price slipped lower falling thirty-five hundred dollars from last week to settle at $345,000 for an annual loss of just under five thousand dollars. The six-week average sale price edged higher gaining about thirty-six hundred dollars compared to last week to close at $356,494 for a year-over-year decline, also very close to 5K.
It was a complete shut out when it came to overbid sales this week, and only three Saskatoon homes sellers found themselves accepting a full price deal. Meanwhile, 59 of 62 sales closed at a discounted price, dropping by $12,252 on average. The largest discounts for the week came on a $275,000 Holliston area condo that went $20,000 under list, a $450,000 Willowgrove detached home that went 35K under and an $800,000 City Park home that took a $75,000 haircut to close the deal.
Other notable real estate activity this past week included 45 cancelled and withdrawn listings (40 and five respectively), 109 expired listings and 52 price changes.
Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.
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.
Royal LePage Vidorra