Saskatoon real estate sales fell lower this week, partly due to a shortened work week. Local agents reported 56 firm residential transactions to the Saskatoon multiple listing service®, down from 77 the previous week for an annual decline of nine homes. On the heels of a particularly quiet listing week, the number of new listings brought to the MLS® spiked to 167. That’s 40 more properties than hit the system the previous week, but it’s well below the 190 that came on the market during the same period last year.
The total number of Saskatoon homes available to buyers through the MLS® inched lower for the third consecutive week. As of this morning there are 2104 active residential listings, down just eight from last week’s close, and up five percent from a year ago when 2004 properties were showing an active status on the system. Year-over-year increases to the inventory have been moderating over the past few weeks and will very likely trend lower as the weather cools. A closer look at the major categories shows single-family homes at 1218, up from 1102 last year. Condos are at 788 which is up by 54 units annually.
Stronger activity at the upper end of the Saskatoon real estate market brought a jump of more than twenty thousand dollars to both the weekly median price, and the weekly average. They closed the period at $349,950 and $351,698 respectively. The six-week average price grew roughly twenty-five hundred dollars from last week to reach $340,395 to record an annual drop of just over eleven thousand dollars. The four-week median price rebounded nearly 20K to reach $340,000 matching the number recorded at the close of the same week last year.
Sellers who may have been dreaming of a bidding war that would lead to a deal above their asking price were left disappointed as no overbid sales were reported. Seven deals did close at the asking price. Meanwhile, 49 of this week’s buyers broke away from the negotiating table having ground out a discount that averaged $13,466. While that is one of the largest average underbids we’ve seen in quite some time, it’s skewed by some larger discounts included an $800,000 sale with an asking price of $850,000.
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Norm Fisher
Royal LePage Vidorra