New listings followed a similar pattern, bouncing back from just eighty-five in our last report to one hundred and eleven this past week. During the same week in 2008 there were one hundred and seventeen homes listed for sale. Since late March, new listings have consistently been well below the same week of the previous year. This is the closest we’ve come to a “same week last year” listing number since that time.
Active residential real estate listings saw some small gains this week after falling pretty steadily over the past five months. By the time the dust had settled from Friday’s activity a total of 1091 properties were showing an active status, up just seven units compared to the previous week, but down well over six hundred homes when compared to the same week in 2008. Last year at this time, inventory was just approaching its peak for the year. Still, it seems a little strange to see the sudden change on this graph, especially at this time of year. It will be interesting to watch what happens with the inventory in the weeks ahead.
Canceled and withdrawn listings continued to slow with a total of just twenty-six processed over the week. Sixteen of those homes made a return appearance to the Saskatoon MLS system as a new listing. Sixty-three sellers adjusted the price of their home in hopes of attracting a buyer during this final week of summer.
Average selling prices slid back to earth after a couple of weeks that were unusually high. The average came in at just $273,393 and more buying action in the lower price ranges pushed the median sale price for the week to $256,000. The six-week average selling price for a Saskatoon home took another small dip falling to $284,937 from $286,240 the previous week, to finish below last year’s number by roughly three thousand dollars. The four-week median selling price was pushed lower, falling eight thousand dollars from the previous week to $265,000, off from $272,000 for the same week last year.
The average underbid fell from $11,430 last week to $10,359 this week, while the average discount, expressed as a percentage of the asking price fell to just 3.3 percent, down from 4.6 percent the week before. Nearly seventy percent of this week’s sellers managed a sale within $10,000 of the asking price, and another twenty percent finished within $15,000.
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