A shortened work week brought softer home sales and a sharply lower number of new listings for the Saskatoon real estate market.
Local agents reported just 54 firm Saskatoon home sales to the multiple listing service® this week, down from 88 transactions the previous week, and also well below numbers generated during the same week last year when 82 sales were reported. New listings slipped lower to 178, which is well down from the 253 homes listed the week before, and 42 fewer than were listed during the same week in 2016.
The number of Saskatoon real estate listings showing an “active” status in the residential category continued to grow, this week reaching 1963 properties by the close of business Thursday. That number is up 32 from a week earlier and tops inventory numbers recorded at the end of the same week a year earlier by 18 homes. As the week wound down, buyers had a selection of 1054 single-family homes, which is 34 more than were available a year ago. The number of available condominiums slipped lower to 747, down from 769 last year.
While there were no seven-figure sales recorded this past week (in fact, nothing that even reached $700,000), upper-end home buyers certainly showed up, especially in area one, driving both the weekly median price and the weekly average higher to $356,750 and $367,674 respectively. The six-week average price dropped $2500 compared to the previous week and settled at $343,806 for an annual decline of about fifty-five hundred dollars. The four-week median price moved higher by nearly 6K on a weekly basis and reached $322,750. That’s down almost fifteen thousand dollars from a year ago.
This week saw five “at list price” sales and just two that recorded a final sale price that was greater than the asking price. Those two deals netted the seller an average bonus of $11,050. The remaining 47 trades were all reported to have sold at a price below the asking price with an average discount of $12,159.
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Royal LePage Vidorra