While sales levels rose on a weekly basis, new MLS® listings plummeted dropping thirty-six units compared to the previous week to just ninety-four, the smallest number of new listings for any week this year. The year-over-year decline was even sharper. One hundred and thirty-six new listings were added to the MLS® system during the same week last year.
Stronger sales and weaker listing activity brought the first decline in active listing inventory that we’ve seen this year, however slight it was. The total number of residential properties that are currently available on the Saskatoon multiple listing service slipped by just one unit from last week to 1298. On a year-over-year basis, total active MLS® listings were up just 7.5 percent, continuing the trend that we’ve seen in recent weeks as annual gains have declined significantly. There are currently 758 single-family homes and 469 condominiums offered for sale on the Saskatoon multiple listing service®. At this time last year, these two housing categories stood at 717 and 436 respectively.
Cancelled and withdrawn listings dropped to just nineteen this week with fourteen of those properties returning to the system the same day with a new MLS® number and in most cases, a lowered asking price. An additional thirty-nine listings had a price adjustment while eight others expired without a sale.
Sales activity continued to favour the upper end of the market and the weekly median price took another increase to $318,000. The average sale price for the week also pushed higher gaining more than ten thousand dollars on the previous week to finish at $314,914. The six-week average sale price gained over five thousand dollars on the week to close at $304,885 to mark a year-over-year gain of nearly fourteen thousand dollars. The six-week median sale price was up sharply, also gaining fourteen thousand from last week to reach $309,000. Last year at this time the six-week median was just $279,900.
Overbid activity tripled from the previous week as six lucky sellers found a buyer willing to pay more than list price by an average of $3,509. Another four received a full price offer. Seventy-three of eighty-three sales closed at a price that was below asking by an average of $8,569 or a percentage discount of roughly 2.7%.
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