The Saskatoon real estate market continued at a steady pace this past week. Sales of single-family homes and condominiums were lower than the previous week by just four units. The year-over-year decline was a bit more pronounced. During the same week last year Saskatoon real estate agents reported 76 sales to the multiple listing service®.
New listings broke into triple digit territory once again after a short retreat last week as agents brought 112 new listings to the MLS® system, up by 21 from last week. That’s nine more homes than were added during the same period of time in 2012.
Moving into the final week of February the total inventory of MLS listings in the residential category stands at 1027, up twenty-eight from last week to top last year’s levels by just eight properties. Today we have 609 single-family homes (detached houses) and 326 condominiums showing an active status in our system. That puts Saskatoon’s available house numbers about 33 units ahead of where they stood last year. Condo inventory is lower than it was a year ago by about as much.
With very few luxury home sales in the mix this week the average selling price of a Saskatoon home slid sharply lower adjusting more than thirty thousand dollars from last week to settle at $303,758. The weekly median tumbled by a bit more coming down thirty-three thousand dollars to $300K. The six-week average price followed suit and dropped to it’s lowest point this year at $330,651. That represents a seven thousand dollar decline from last week leaving it ahead of where it stood at the same time last year by a little more than twelve thousand dollars. Finally, the four week median price also fell by about six thousand dollars reaching $321,500 to take an annual gain of $9,500.
In spite of a fairly large gap between sales and listing numbers several buyers showed up ready to bid up their deal to secure the home. Six buyers paid more than the asking price with an overbid averaging $2,433. Another 11 buyers offered up all that the seller was asking while 48 others made off with a bit of a discount, one that averaged $7,239.
Other notable MLS® activity this week included 18 cancelled and withdrawn listings, 9 expired listings and 22 price adjustments.
Highlights from the news this past week
Home building slump forecast in latest sign of faltering economy - Financial Post
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