The weather may have been heating up but the Saskatoon real estate market saw a cooling trend through the past week as the number of firm residential sales reported to the local MLS® dipped nearly 20 units when compared against the previous week to close at just 87, for a year-over-year loss of 34 home sales. Ouch. Meanwhile, new residential listings flowed onto the MLS® system at the fastest pace we’ve seen during any week this year. Local real estate agents brought 269 new listings to the multiple listing service® to produce the highest volume listing week this year. This week’s totals are up from 233 last week, and top the number of listings generated during the same week last year by 43.
Once again, predicting turned out to be a fool’s game. Last week, I suggested that a huge number of listings set to expire at the end of May would likely mean that we had reached our peak for the number of Saskatoon homes listed for sale on the MLS®. As it happens, only 61 of 283 listings set to expire actually did expire, but rather, most were extended to sit on the market for a longer period of time. By week’s end, inventory levels actually climbed again, this time by 18 units to reach 2,041 for an annual increase of 512 homes. Active single-family home listings broke the 1200 mark for the first time, up from around 950 a year ago. Condo inventory moves higher to 644 from about 490 at this time last year.
A lot more action at the lower end of the Saskatoon real estate market ushered both the median and the average sale price of a local home lower to $340,000 and $334,215 respectively. In spite of lower prices for the week, the six-week average price managed to make some small gains and grew by almost $1,500 on the week to reach $359,542 finding itself lower than it was a year ago by about a thousand dollars. Meanwhile, the four-week median price fell hard dropping $6,600 in just a week to reach $351,400 which was still enough to claim an annual increase of about $16K.
Six sellers got all they wanted, and more, with an average overbid of $1,650. The majority of buyers still managed to walk away from the negotiating table with a discount. This week we saw 76 sales reported below asking price with an average underbody of $9,060. The other five deals closed at list price.
Other notable real estate activity this past week included 121 cancelled and withdrawn listings (112 and nine respectively), 61 expired listings and 85 price changes.
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Royal LePage Vidorra