It was a strong sales and listing week for Saskatoon real estate agents who processed a total of 102 firm residential sales, up six from last week but falling shy of sales generated during the same week last year by 14 homes. Meanwhile, 249 residential properties hit the MLS® as a new listing, down two from the previous week, but up from the same time period in 2014 when 241 Saskatoon homes were offered for sale.
Active Saskatoon real estate listings in the residential category of the multiple listing service® broke 2,000 this week for the first time ever. As of this morning, home buyers have 2004 properties from which to chose for a weekly increase of 37 listings, and an annual increase of 495 homes leaving residential inventory up by 33 percent from where it was a year ago. A closer look by category shows 1112 single-family homes available to Saskatoon home buyers, up from last year at this time when levels were just above 900 for an annual gain of 23 percent. Condo inventory moves from 482 one year ago to 701 today for an increase of roughly 46 percent. Wow!
The average sale price of a Saskatoon home came off of the sharp peak we saw last week and settled back at 352,348 while fewer upper end sales also caused the median to head for lower ground as it slipped to $345,750. Both of our longer term measures showed continued growth with the six-week average edging up more than $5,000 to reach very near to previous highs seen earlier this year. It closed the week at $358,406 after making its fifth consecutive weekly gain for an annual increase of about $8,000. The four-week median took its sixth weekly increase finishing the week at $347,000 to find itself up from this time last year by about $7,000.
Once again, seven buyers made an offer that exceeded the seller’s asking price, with an average overbid of $9,936. Meanwhile 83 buyers ground themselves a discount averaging $9,681 to firm up the home they wanted to own. The other 12 transactions closed at the seller’s asking price.
Other notable real estate activity this past week included 101 cancelled and withdrawn listings ( 95 and six respectively), 31 expired listings and 95 price changes.
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Royal LePage Vidorra