All things considered, Saskatoon real estate agents reported some pretty strong numbers this week. A total of 96 residential properties were reported as being firmly sold, up six from the previous week, and just seven fewer than were sold during the same week last year. That said, sales activity month-to-date reveals the same softness that we’ve seen through most of this year. Last September, 427 Saskatoon homes traded hands. With just three business days remaining in the month, we’ve just passed the 300 mark for this September. Assuming that 60 or so sales flow through the multiple listing service® during the first half of the week, we’ll be looking at declines of around 15 percent, year-over-year, more or less in line with the five year average.
The number of new residential listings added to the MLS® continued to show drops for the third consecutive week. Local agents wrote 203 new listings, down from 214 last week but still well ahead on an annual basis. Last year, just 172 listings were added to the system over the same period of time.
Active Saskatoon real estate listings in the residential category remained flat at 2057, down just one unit from totals recorded a week ago but ahead of last year’s levels by 460 homes. Today we see 1165 single-family homes displaying a “for sale” status up on the multiple listing service® up from 1017 a year ago, a 13 percent increase. Condo inventory sits at 688, up from 460 a year ago for an annual increase of a whopping 50 percent. Ouch!
A bit more action at the upper end of the market saw the median sale price of a Saskatoon home spike higher to $347,750 while the average sale price jumped a more modest 10K to $347,098 and reached its highest point in five weeks. The six-week average sale price slipped lower for the fifth week in a row to finish at $343,817. That’s down about eleven thousand dollars from levels recorded a year ago. The four-week median price made some gains finishing ahead of last week by about fifteen hundred dollars at $334,888 for an annual drop of ten thousand dollars.
Click the image for a larger version of the graph.
Seven sellers got more than their asking price by an average of $21,772. A closer look reveals one new home that went $70,000 above list. It’s fair to assume that this home was reported with a price that included additional improvements not anticipated in the original list price. On the other hand, 80 of this week’s 96 deals closed below list price with an average discount of $10,909. Another seven sales were recorded at the seller’s full asking price.
Other notable real estate activity this past week included 106 cancelled and withdrawn listings (100 and six respectively), 46 expired listings and 107 price changes.
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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.
Norm Fisher
Royal LePage Vidorra
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