The number of Saskatoon homes that traded through the multiple listings service® grew again, though very modestly, for the sixth consecutive week. Saskatoon real estate agents brought 56 firm deals to the MLS®, up three from the previous week, to fall just one sale short of the total recorded for the same week last year.
New listings added to the MLS® saw strong weekly growth as it often does during the first week of the month when many of the listings that had expired at the previous month end come back to the market for another run. This past week, 177 residential properties were placed onto the system, for a weekly increase of 21 homes, and an annual gain of just one. So far this year, the number of new listings added to the MLS® has fallen short of last year’s numbers by about 45.
The number of homes available to Saskatoon home buyers took an unusual but very small downturn this week as the total residential inventory slipped to 1619. That’s down just five units from the close of last week, certainly nothing to write home about, but compared against the unrelenting and consistent growth of inventory at this time last year it may provide a small bit of hope for sellers who are feeling the toughness of this market. Next week’s activity will almost certainly put that to rest. In any case, today’s levels are up just 150 homes from the same time last year. That’s the smallest year-over-year increase in well over a year. Today, buyers can find 883 single-family homes showing an active status on the system, up from 817 a year ago. Condo inventory sits at 576 for a larger annual increase of 81 homes.
More entry level activity ushered the median sale price of a Saskatoon home down by 30K to $324,500 this week while the average sale price moved in the same direction, though far more modestly. It slid lower by eighty-five hundred dollars to settle at $344,980. The six-week average price took a four thousand dollar drop from last week as it slipped to $349,542 to find itself down about nine thousand dollars from where it sat a year ago. Meanwhile, the four-week median price fell lower by three thousand dollars on the week to $335,000 finishing down just over a thousand dollars from levels recorded at the end of the same week a year ago.
Sellers found little love this week as absolutely no scenarios were created under which a buyer felt compelled to pay more than list. Two oliging buyers did pay full asking price. On the other side of the negotiating table, 54 buyers broke away with a discount averaging $14,124. This week’s discount numbers were skewed a bit by an area 4 property that took a $100,000 haircut to close a deal. Apparently, the property was discovered to have environmental contaminants that led to a final assessment well below the asking price.
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Royal LePage Vidorra