On the heels of the only three week run during which sales exceeded those recorded during the same week last year, the Saskatoon real estate market seemingly hit the skids as the total number of residential properties to change hands tumbled to just 62, down from 104 last week, and falling short of last year’s number by 24.
The number of new listings added to the multiple listing service® climbed, as it often does during the first week of each month when listings that expired as the calendar turned come back out for another go at the market. This month, the increase was small. Local REALTORS® added 179 Saskatoon homes to the MLS® system for a weekly gain of just two, up 18 from the same period last year.
Active Saskatoon real estate listings took some small gains as the inventory grew from 1996 at the close of last week to 2004 today, up 439 homes from a year ago. Today’s inventory shows 1166 single-family homes, up from 977 a year ago and 646 condominiums up from 488 a year ago.
A little more activity at the upper end of the market brought the weekly median price higher to $356,000 but that was not enough to keep the weekly average from slipping some to $356,180. Meanwhile, the six-week average price edge lower nearly four thousand dollars from where it stood a week ago. By the time the weekly sales had been tallied that number stood at $357,279 down close to four thousand dollars from the same week last year. The four-week median slipped just over a thousand dollars on the week to settle at $346,250 to find itself up from a year ago by roughly six thousand dollars.
Given the weakness in activity levels this week, it was a bit of a surprise to see four of this week’s sales going for more than list price with an average overbid of $3,075. Another 54 deals closed below the list price showing a strong discount averaging $12,217. The remaining four sales closed at the seller’s asking price.
Other notable real estate activity this past week included 75 cancelled and withdrawn listings (73 and two respectively), 30 expired listings and 69 price changes.
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Norm Fisher
Royal LePage Vidorra
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