After falling completely flat last week, Saskatoon real estate sales surged upwards as 80 new firm sales were reported to the multiple listing service®, an increase of 17 from the previous week and up by 16 when compared against sales recorded during the same week last year. Listing activity saw some slight gains as they grew to 196, ahead of last week by two, to finish showing fewer new listings than were processed during the same period of 2015 by five.
The inventory of residential MLS® listings took a turn upward as well. By this morning, buyers could find 2067 Saskatoon homes for sale, up from 2044 a week ago, just 19 more homes than were available a year ago today. That is the smallest year-over-year increase to the inventory that we’ve seen all year. Today, there are 1116 single-family homes for buyers to select from, well down from the 1181 detached homes that were available a year ago. Condominium inventory continued to grow and reached 777 by the close of the week for an annual increase of 116 units.
More high end activity caused the median sale price for the week to grow by almost 20K as it reached $343,000 while the average sale price fell a fair bit lower to $348,418. Remarkably, the six-week average price continued to grow reaching a new high for the year at $366,472 for an annual increase on more than six thousand dollars. That’s actually the highest point that it has been at since late 2014 when sales were still red hot. On the other hand, the four-week median price fell by seven thousand dollars from last week. It settled at $338,000 to find itself down from a year ago by seventy-five hundred dollars.
Only one buyer made an offer of more than list price with that seller netting a $3,100 bonus while another five deals closed at the seller’s asking price. The remaining 75 sales went for less than asking price winning those buyers an average discount of $11,353.
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Royal LePage Vidorra