Saskatoon real estate agents posted a total of 72 residential sales to the local MLS® system this week, up three from last week to beat numbers generated during the same week last year by five. New listing activity remained strong as well. While those numbers slid lower by 15 homes when compared to activity from the previous week, they were well ahead of the 141 properties listed during the same period of 2016.
Inventory levels continued to move higher as we’d expect at this time of year. This morning there are 1864 Saskatoon homes for sale on the multiple listing service®, which is up 27 units from a week earlier, and down just 11 from levels recorded at this time last year. That is the smallest year-over-year decline since late February and it leaves us in a spot where we could easily see annual gains again with one big week. For the first time in months, the number of single-family homes for sale in Saskatoon sits higher than a year ago. Today we have 988 listings in that category, up ten from last year. Condo inventory now sits at 724, down four from this time in 2016.
Entry level sales carried the week. In fact, seven residential sales below the $100,000 mark set the stage for one of our lowest weekly median prices this year at just $308,000. With no sales recorded above $635,000 the weekly average also fell lower to $314,465. Meanwhile, the six-week average price of a Saskatoon home slid to $338,366 to finish the week just three thousand dollars lower than it was at the close of the same week last year. The four-week median price managed to make some gains as it grew by twenty-five hundred dollars from the previous week to reach $329,500. This measure lost $2500 on an annual basis.
Two lucky sellers found themselves managing a bidding war that drove their price higher, one getting just a hundred dollars over list, and the other bagging a bonus of $11,000. On the flip side of the negotiating table, 63 buyers held firm for a discount that averaged $11,707. The remaining seven sales recorded a price that was equal to the seller’s list price.
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Royal LePage Vidorra