On the heels of a week that felt more like January than November, Saskatoon real estate sales recovered and returned to levels more typical of the season. Local agents reported a total of 81 firm sales in the combined single-family homes and condominium categories to record weekly gains of nearly 30 home sales, enough to finish ahead of the same week last year by 26.
The number of new MLS® listings to enter the system plummeted and slipped to just 120, down a whopping 75 units from last week. In spite of the lighter flow, new listings still made big year-over-year gains. Looking back to the same period last year we see just 94 properties being added to the inventory.
Fewer listings and a stronger sales week saw the total number of active listings on the multiple listing service® fall, wiping out most of last week’s gains. We closed the week with 1,516 residential properties showing an active status. That’s down from 1573 at last week’s close and well up from the 1297 Saskatoon homes available at this time last year. We currently show 897 houses and 489 condos in the inventory. Compare that to 792 and 408 respectively when looking back to the numbers of available listings on the same day last year.
The median price of a Saskatoon home took a large jump to $361,250 as more upper end buyers engaged the market. The weekly average followed suit, encouraged upwards by one sale at close to a million dollars and a couple closing in on 800K. This week it reached one of its highest points for the year at $379,676. Both of our longer term measures made gains this week as the six-week average price paid for a Saskatoon home reached $364,913. That amounts to a weekly gain of about five thousand dollars and an annual increase of about nine thousand. The four-week median price edged up $352,000 for a weekly increase of four thousand and an annual drop of five thousand.
Once again, the market proved to have lost some heat with the changing weather. Just one seller found a buyer willing to pay more than list, and that offer closed with just a $100 bonus to the seller. Another eight deals closed at the seller’s asking price. On the other hand, 72 of this week’s 81 deals required a discount to close. Those discounts averaged $12,224.
Other notable real estate activity this past week included 51 cancelled and withdrawn listings (42 and nine respectively), 22 expired listings and 54 price changes.
Highlights from the news this week
Housing starts cool in October - Globe and Mail
Why we shouldn’t fear a crash in Canada’s three hottest markets - Globe and Mail
Protect your condo investment - Star Phoenix
A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.
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Royal LePage Vidorra