The Saskatoon real estate market continued to produce sales at levels that are fairly typical for this time of years. A total of 77 Saskatoon homes were reported sold through the multiple listing service®, up ten units from last week, and down four when compared against the same week a year ago. Meanwhile, the number of new listings added to the MLS® fell lower for the seventh consecutive week slipping to just 150 properties, down 14 from last week and down four from the same period last year. That’s the smallest number of new listings for any week since the third week of February, again, a fairly typical decline given the season.
The total number of residential listings available to buyers through the Saskatoon multiple listing service® slipped to its lowest level since early May as it fell to 1982 properties, down 34 from last week to find itself up by 421 homes when compared against levels recorded a year ago. Taking a closer look by housing type, we see 1135 single-family homes, roughly 20 fewer than were available a week ago, and just 28 more than were displaying an active status on the MLS® a year ago. I believe that to be the smallest year-over-year gain posted this year for detached houses. Condo inventory slips just four units from last week to 672 units for an annual increase of 218 properties to record a year-over-year inventory increase of 48 percent. About 70 listings are scheduled to expire over the next week, while another 124 will meet the end of their term the following week so it’s looking like we’ll see numbers fall off soon, again in a fairly typical fashion.
This week’s sales combined to produce a weekly average sale price of $346,773 and a weekly median price of $335,000, an indication of more activity at the lower end of the Saskatoon real estate market. Looking to the longer term measures we see the six-week average price inching up about $700 from last week’s close to $345,551 for an annual loss approaching 13K. The four-week median price slipped just $500 to reach $344,500 for a year-over-year increase of five thousand dollars.
Remarkably, this week’s sales include seven properties that sold for more than the asking price with buyers paying an average bonus of $5,685 to those sellers. On the other side of the table, 65 home buyers came away with a discount averaging a rather hefty $13,043. Another five sales closed at the full asking price.
Other notable real estate activity this past week included 91 cancelled and withdrawn listings (80 and 11 respectively), 59 expired listings and 78 price changes.
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Norm Fisher
Royal LePage Vidorra