While the number of Saskatoon real estate sales for the week fell well below the previous week’s totals, numbers that were inflated by a last-minute rush of buyers looking to beat new mortgage qualification rules that came in on October 17, the past seven days shaped up fairly nicely as local agents reported 78 firm residential deals to the MLS® for a weekly decline of about two dozen. Still, that was enough to top sales for the same week last year when just 63 sales went firm. I expect that we are still seeing a few deals that were filed before the deadline, so it remains to be seen how those new realities will impact the market.
Over the same period, 162 new MLS® listings were added to the system, down 15 from the previous week, and five fewer than were listed over the same period last year.
The total number of active residential listings available through the multiple listing service® in Saskatoon continued to slip lower as we would expect at this time of the year. As of this morning, there are 1832 properties in the broader residential category. That number represents a drop of 37 units from last Saturday and is down 130 listings from a year ago. Today, we have 995 single-family homes for sale, 18 fewer than were available a week ago, and down 135 from where the inventory stood a year ago. Condominium levels remain high at 666, which is down 22 from a week earlier, and up six on a year-over-year basis.
The median sale price for the week fell lower, but only marginally. The average slipped eight thousand dollars to $331,091 while the median came down just $1500 to $317,500. Again, I suspect that there are a good handful of deals in this week’s numbers that were actually processed under the old rules so this change may become more obvious as we move forward.
The longer-term price measures also moved lower, but not very dramatically. The six-week average price came down about twenty-seven hundred dollars from a week ago to $350,042 taking an annual gain of just over twenty-five hundred bucks. The four-week median prices slipped two thousand dollars from a week earlier to close at $333,000 for a year-over-year decline of 12K.
Like last week, 11 deals came through at the full asking price but sellers found no love in the overbid arena. Shut out. Meanwhile, 67 of 78 firm sales closed below the asking price netting those buyers and an average discount of $11,909.
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Royal LePage Vidorra