Saskatoon real estate sales gained some ground this week as the multiple listing service® saw residential sales hit the three-figure mark for the first time this year to record its strongest sales week since late July of last year. Local agents closed 101 transactions, up from 82 last week to fall just slightly short of numbers recorded over the same week a year ago when 104 Saskatoon homes traded hands.
The number of new listings offered up for sale on the multiple listing service® this weekslipped lower to 202 properties, for a weekly decline of 18 homes and an annual drop of 12.
Strong sales and weaker listing activity couldn’t stop the total inventory of residential MLS® listings from climbing higher. Total residential listings grew by 17 this week to 1962 and finished up on levels recorded a year ago by 61 homes, an annual increase of three percent. We start the new week with 1024 single-family homes showing a “for sale” status on the system, which is down 3.5 percent from where it stood a year ago when 1062 detached dwellings were available to buyers. On the other hand, condo inventory climbed nearly 21 percent on an annual basis as the total number of units available to buyers climbed from 641 at this time last year to 774 today.
Both the weekly average and the weekly median price of a Saskatoon home slipped lower this week to $349,508 and $325,000 respectively as significantly more action in entry level housing skewed the numbers downward. The six-week average price inched down to $348,719 for a weekly loss of under one thousand dollars to claim an annual increase of about 5K. Meanwhile, the four-week median price took its fourth consecutive weekly increase to find itself back at its peak for the calendar year at $340,000. That’s up $2,500 from last week for an annual increase of the same amount.
Overbid activity came in slightly lower this week as just three sellers signed a deal above their asking price but the average overbid was strong at $15,030. On the flip side of the negotiating table, 92 of this week’s sales netted the buyer a discount that averaged $12,092. The remaining five sales closed at the full asking price.
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Royal LePage Vidorra