The number of new MLS® listings(condos and houses) moved in the same direction slipping to its lowest level for any week this year. Saskatoon real estate agents added 62 listings to the local MLS® this week, down 33 from last week. Once again, new listings were higher than they were during the same week last year (47) as they have been for 19 of the past 21 weeks.
The total inventory of MLS® listings in the residential category shed some numbers and moved lower by 50 units to reach 1158, its lowest level since the week of May 4,but well ahead of totals for this date last year when just 951 Saskatoon homes were offered for sale on the multiple listing service®. The number of single-family homes bearing an active status slipped to 707 from 740 last week while condo inventory remained steady at 351. Last year at this time, Saskatoon home buyers had just 579 houses and 275 condos to choose from.
With only one reported sale over the $500,000 mark both of the weekly measures took a dive. The average sale price of a Saskatoon home slipped to just $316,577 while the weekly median price fell to $325,500. The longer-term measures went in opposite directions as the six-week average slipped lower from the previous week by a little more than four thousand dollars to settle at $342,444 and finished lower than it did for the same week last year by nine thousand dollars. Meanwhile, the four-week median price edged higher by six thousand dollars compared to last week. That wasn’t enough to keep it from falling short of the levels we saw during the same week of 2012 when the four-week median price of a Saskatoon home was fourteen thousand dollars higher.
Overbid sales were non-existent in this week’s sales, to the best of my recollection, for the first time this year. In fact, only two lucky sellers managed to find a buyer willing to pay their asking price. Buyers definitely had the upper hand as 42 of this week’s 44 sales closed at a price that was below the seller’s list price by an average of $8,747.
Other notable MLS® activity this week included 27 cancelled and withdrawn listings, 32 expired listings and just 13 price adjustments.
Highlights from the news this past week
Women the new wildcard in the condo market - Financial Post
Housing market defies expectations with latest CREA figures - Globe and Mail
CMHC draws a line under condo bubble fears - Financial Post
Canadian housing sales show surprising resiliency- Financial Post
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Royal LePage Saskatoon Real Estate