The final week of spring came and went keeping Saskatoon real estate agents busy closing a total of 106 house and condo deals. That’s up nearly 20 units from the previous week and 32 more transactions than we saw during the same week last year.
New listings remained precisely stable on a week-over-week basis with 143 properties being offered for sale, up 32 home listings from the same period a year ago.
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The inventory of active MLS® listings took a very small downturn edging lower from the 1237 unit close the week before to 1230, roughly 200 units lower than it was at the same point in 2011. Today, there are 745 single-family homes and 411 condominiums showing an active status on the Saskatoon multiple listing service. Both categories are down from last year when buyers had 824 houses and 523 condominiums to choose from. I expect that inventory has probably peaked for the year, more or less, though it’s possible that we’ll see a bit of a rush of latecomer sellers looking to take advantage of what could be a brisk two weeks leading up to new mortgage rule changes which will further limit home buyer’s ability to finance by July 9.
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The average sale price of a Saskatoon home pushed higher again coming close to recovering all that it had lost over the past couple of weeks, thanks to the strong performance of sales above $400K. It increased by nearly ten thousand dollars from the previous week to $348,313. The median price for this week’s sales remained almost unchanged at $318,000. Meanwhile, the six-week average price of a Saskatoon home inched higher gaining about $2500 this week to settle at $340,608 for an annual increase of a little more than twenty-six thousand dollars. The four-week median price slipped lower by two thousand dollars to $318,000 for year-over-year growth of eighteen thousand dollars.
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There was a bit of overbid activity this week with six lucky sellers closing a deal for more than their asking price, but all of the overbids were fairly constrained, the largest coming in at $700 and the lowest coming in at $1 for an average of just $184. Another 17 buyers stepped up and offered the full asking price to close their deal, while 83 of this week’s 106 sales closed at a price that was less than the list price by an average of $10,510.
Other notable activity on the Saskatoon MLS® this week included 52 canceled and withdrawn listings, 14 expired listings and 62 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