It’s been just a few weeks since the “upgrade” to the local MLS® system and I am still not confident that the database is sound. I’m reasonably confident in the sales and listings numbers (even though various approaches to a search deliver different results), but I feel that some of the pricing data may by iffy and should be taken with a grain of salt. Hopefully, this all gets sorted out soon.
Saskatoon real estate sales numbers increased this week as local agents reported 87 firm residential sales, up from 73 last week to top sales for the same week last year by seven. Meanwhile, the number of new listings added to the multiple listing service® fell to 181 for a weekly decline of 36 homes. That’s 15 fewer than were offered up for sale over the same period of 2016.
The total number of active residential listings available to Saskatoon home buyers took a very modest dip falling just eight from a week earlier to 2231. That amounts to a year-over-year increase of 164 units, for an approximate gain of eight percent. Today there are 1277 detached homes for sale, up from 1116 a year ago. Condo inventory nows sits at 843, down from 867 a week earlier, thanks to a solid sales week, but well up from the 777 condos that were available on the MLS® last year at this time.
With more than 30 of this week’s sales falling into the condominium category, which are typically lower in price than the average, all four of the price measures that we track fell lower. The weekly average price slipped from $358,779 last week to just $306,510, The weekly median price also tumbled to just $278,000 from $338,000 the week before. The six-week average price fell about eleven thousand dollars from last week to $336,900. That’s down by nearly $30,000 from the same week last year. The four-week median price went to $316,250 for a weekly dip of 19K. That number is lower than it was last year by about 22 thousand dollars (It’s the six-week average and the four-week median prices that are not ringing true to me as I’m nearly positive that the new system is not collected all of the sold listings for calculation).
There were two lucky sellers that received an above list price offer, one at $100 over and one at $2300 over. Seven sales were reported at the full asking price. The remaining 78 homes sold for less than the listed price netting an average discount of $10,967 for those buyers.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra
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