On the other hand, new listing activity has also shown year-over-year gains, more substantial in numbers, for eight of the last ten weeks. Saskatoon real estate agents brought 125 house and condo listings to the market this week, down just three from last week, but up a dozen when compared against the same period in 2010.
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The total inventory of available MLS® listings in the residential category continued to show growth, moving higher by forty properties this week to close at 1139, up from 931 at the same time last year. The annual change represents a year-over-year gain of roughly twenty-two percent, a far smaller annual increase than we had been experiencing over the first two months of this year. As of this morning, there are 643 single-family homes and 431 condominiums showing an active status on the Saskatoon MLS® system, up from 525 and 353 respectively a year ago. Looking back a year further, we see condominium inventory levels that match those of 2009, while the inventory of single-family homes remains below those levels by almost two hundred units, or more than twenty percent.
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Just twenty-one listings were cancelled or withdrawn from the system this week. Thirteen of those returned for another go at the market, bearing a new MLS® number and setting the days on the market back to zero. An additional forty-four price changes were processed throughout the week.
The average selling price of a Saskatoon home slipped back below the $300,000 mark, dropping more than twenty thousand dollars from last week to $282,057. Continued strength at the upper end of the market kept the weekly median from moving quite as much. It finished at $294,000 for a decline of just three thousand dollars compared to the week before. The six-week average selling price continued to trend lower slipping just five hundred dollars from the previous week to $296,318 while maintaining an annual gain of seven thousand dollars. At the same time, the four-week median price gained some ground climbing seventy-five hundred dollars above last week’s number to close the week at $292,500 and finishing up on a year-over-year basis by $17,500.
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Overbid activity fell short of last week’s peak with just eight of sixty-seven deals closing at a price that was greater than the list price, by an average of $8,800. One thirty thousand dollar overbid on a new home that likely included additional improvements not calculated into the asking price skewed the overbid average higher. An additional four Saskatoon home sellers convinced their buyer to pay them full list while fifty-five buyers managed to grind some dollars off. The average discount amounted to just 2.4% of the asking price, or seven thousand dollars.
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Norm Fisher
Royal LePage Vidorra