Sales of Saskatoon homes surged higher this week breaking through the one hundred mark for the first time this year. Saskatoon real estate agents reported a total of 102 condo and house sales through the multiple listing service®, an increase of 24 home sales compared to the previous week and ahead of the same week last year by four.
New listings continued to hit the MLS® system at an appropriate pace for the season. This week, 160 new house and condominium listings were added to the system, three fewer than last week, down 18 properties when compared against new listings for the same period last year.
Saskatoon MLS® inventory in the residential category edged higher again as it always does in April. At this week’s close we have a total of 1150 properties showing an active status, up 26 from last week’s close and ahead of last year’s total by 48 homes. Today there are 685 single-family homes and 370 condominiums for sale on the Saskatoon MLS® system. Last year at this time inventory for those two housing types stood at 646 and 392, respectively.
Last week, the average selling price of a Saskatoon home took a huge leap forward due to a good handful of high end sales including a couple of homes that traded above the $1-million dollar mark. This week, with just five sales recorded above $500,000 the average sale price fell sharply to $337,393. The weekly median price (the price point at which half of all sales occurred at a lower price) remained pretty stable, increasing $1750 from last week to $328,000. The longer term measures that we track were nearly unchanged from the previous week. The six-week average price slipped about seven hundred dollars to $345,923 for a year-over-year gain of eight thousand dollars. The four-week median edged higher by one thousand dollars from a week ago to reach $332,000 to show an annual loss of fifty five hundred dollars.
The number of homes that traded for more than the asking price increased to six this week from just two last week. On average, those sellers netted an additional $2,234. Another 23 deals wrapped up at the seller’s full asking price. The remaining 73 sales were completed below asking price with the buyer netting an average discount of $9,857.
Other notable MLS® activity this week included 25 cancelled and withdrawn listings, 16 expired listings and 31 price adjustments.
Highlights from the news this past week
Real estate expert shares smart tips for downsizing - Star Phoenix
Is Canada’s condo boom coming apart at the seams? - Globe and Mail
Home sales up 2.4 percent in March - Star Phoenix
Bank of Canada still sees signs of overbuilding, ‘stretched’ housing values - Globe and Mail
Canadian real estate shows continued improvement in March: CREA - TeamFisher.com
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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Norm Fisher
Royal LePage Vidorra
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