The Saskatoon real estate market continued to heat up in lockstep with the weather as local agents reported brisk activity in both sales and new listings. A total of 91 firm deals were reported to the MLS® over the past week, up from 88 a week earlier, and topping sales for the same week last year by six. New listing activity was particularly strong as the flood of month-end expired listings re-entered the system. This week, 276 residential listings were processed, the largest number for any week this year. That topped last week by almost 60 units and grew by 38 when compared with the same week last year.
Active MLS® listings in the residential category increased to 2052, up 33 from the week before. Last year at this time there were 1992 Saskatoon homes for sale on the multiple listing service®. At the close of business this week, buyers had a selection of 1106 single-family homes to choose from, up from 1079 a year ago. Condo inventory fell by just a couple of units from a week earlier and settled at 785 for an annual increase of 39 units.
The weekly average price of a Saskatoon home slipped lower from a week earlier. It closed the week at $349,891 for a weekly drop of four thousand dollars, even as higher end activity caused the weekly median price to spike nearly 20K to reach $344,000. Meanwhile, the six-week average price headed upwards taking a forty-five hundred dollar weekly increase to reach $358,848 for a new annual high. It’s actually at its highest point in five years, for this particular week on the calendar and ahead of last year by more than thirteen thousand dollars. The four-week median price followed a similar path taking a weekly increase of almost 10K. That brought it to $349,900 for an annual increase of nearly $18,000.
Only one lucky seller found a buyer willing to pay more than list price, that one going over by just $100. Another 11 Saskatoon homes traded at the listed price while 79 others went for less than the asking price by an average of $12,302.
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Royal LePage Vidorra