Cancelled and withdrawn listings ramped up about 25 percent from the previous week to 25 units with 14 of those making a quick, same day return to the MLS® system with a new price and showing zero days on the market. An additional seven properties reached the end of their term without finding a willing buyer and expired from the system. Over the course of the week, 22 Saskatoon home sellers adjusted their pricing strategy in hopes of capturing a buyer before the spring rush of listings ensues.
A couple of huge sales in the luxury category (two that averaged close to one-million dollars each) pushed the average sale price of a Saskatoon home to levels rarely seen. In stark contrast to last week’s unusually low number, the average surged higher by more than 50K to close the week at $349,753. It has only been higher one time when it barely cracked the $350,000 in October of last year. Both of our longer term measures moved in the same direction, though much more modestly. The six-week average price gained about $4,500 over the week before to reach $317,694 and captured an annual gain of about $8,000. The four-week median picked up a little more than $7,000 on the week to finish at $321,492 and claimed a year-over-year gain of more than $26,000. Much of the growth in median prices appears to result from a growing number of higher end sales, as opposed to a diminishing number of lower end, or entry level sales.
Just two Saskatoon home sellers found a buyer willing to pay them more than their asking price. Those two deals were reported to have sold at an average of $800 above list price. Another five sellers bagged a full price offer. Meanwhile, most of the week’s activity required a little back and forth magic to come to an understanding that resulted in a sold sign. Those deals saw an average discount of $10,589 or roughly 2.5 percent of the asking price.
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