At the same time, new listings of single-family homes and condominiums slid lower with 130 properties being added to the multiple listings database, eighteen fewer than last week and significantly lower than the 168 that were listed during the same period a year ago.
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Total active MLS® listings continued on a seasonal upward trend as the number of Saskatoon residential listings grew by nearly forty units from last week, falling just short of breaking the 1300 mark at 1299. That number is up from 1180 at the same time last year, the smallest year-over-year gain that we’ve seen in months at just ten percent. Inventory levels were thirty percent above the previous year’s numbers as we entered 2011. The increase has been declining steadily since that time. Most of this week’s growth can be attributed to the single-family home category, which grew from 717 to 754 over a one-week period for annual growth of forty-nine homes. The current condo inventory sits at 475, up just six units from the close of the previous week for a year-over-year gain of almost sixty units.
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Cancelled and withdrawn spiked to forty-eight properties with thirty-nine of those immediately returning to the system with a new MLS® number. An additional fifty-eight homes recorded a price adjustment this week, almost all of them lowered.
Fewer entry-level sales, and strong activity above the $400,000 mark pushed the weekly median sale price higher by more than forty thousand dollars to $314,950. The average price for this week’s house and condo sales followed suit, though not as sharply, gaining just under seven thousand dollars for the week. The six-week average sale price slipped just a few hundred dollars from last week, and settled at $299,555 for a year-over-year gain of just over nine thousand dollars. The four-week median price bounced higher by eight thousand dollars this week and finished at $295,000 for an annual gain of thirteen thousand dollars.
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Overbid activity remained low with just two sales reporting a final sale price that was greater than the list price, with an average overbid of $8,550. An additional five sellers found a buyer willing to pay the asking price. Sixty-nine of seventy-six deals closed with an average discount of $9,011.
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Norm Fisher
Royal LePage Vidorra
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