Saskatoon real estate sales bounced out of the abyss with a big week-over-week increase. Local agents reported 88 firm house and condominium sales to the multiple listing service® for a spike of 30 units compared to the previous week to finish ten percent ahead of the same week last year.
New listings also picked up some steam growing by 42 properties over last week as 152 new MLS® listings hit the market. During the same week last year 108 Saskatoon homes were offered for sale.
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The inventory of Saskatoon homes for sale took a slightly upward turn and closed the week ahead of last week’s numbers by five. That puts us at 1200 even in the residential category, about 75 fewer homes than were available at the same point in 2011. Today’s totals show 741 single-family homes and 388 condos. Single-family homes inventory is nearly on par with last year’s numbers which stood at 755. Condo inventory is down about 15 percent on a year-over-year basis. At this point last year there were 453 Saskatoon condos available for purchase on the multiple listing service®.
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On the heels of a week in which home prices hit a new record high for any given week in Saskatoon’s history, prices softened with far more activity at the lower end of the market. The weekly median price slid $33,000 from last week to just $309,500. The average selling price of a Saskatoon home tumbled further shedding about 50K from last week’s high to $320,200. The six-week median price followed in the same direction with a much smaller decline of about six thousand dollars on the week to finish up on the same week last year by about twenty-three thousand dollars. The four-week median dropped about four thousand to $325,000 and finished up on an annual basis by twenty-five thousand dollars.
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Overbid sales refused to die but remained a near non-factor with just one sale closing above the asking price. That buyer paid an additional $3,550 to wrap up their deal. Another 11 sellers received full asking price for their home while 75 of this week’s 88 sales closed below the list price by an average of $8,604. Other notable MLS® activity this week included 53 canceled and withdrawn listings, 15 expired listings and 47 price adjustments.
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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