For the first time this year, residential sales in the Saskatoon real estate market showed year-over-year increases two weeks in a row. In fact, prior to this little run, we’ve only seen two weeks all year during which sales hadn’t fallen on an annual basis. Total units sold increased by just three on the week to finish at 99, up nine units when compared against the same week last year.
New listings also moved ahead as 211 Saskatoon homes hit the multiple listing service®, up from 205 last week, and well ahead of the 177 listings recorded for the same period a year ago.
Of course, inventory continues to be the topic of discussion as the media attempts to strike fear into the hearts of would be buyers and sellers, even while it shows signs that we have very likely passed our peak numbers for the year. As of this morning, the Saskatoon MLS® system shows residential listings sitting at 2031, level with last week’s close. That puts us down just three percent from the peak, and still well up on levels recorded a year ago when just 1542 listings could be found on the system. It’s a lot of inventory, for sure, but we’ve seen higher sales to listing ratios in recent years, and we surely will again. With 144 properties set to expire from the market over the next two weeks it seems likely to me that we should see another notable decline at month end. Today we have 1167 single-family homes for sale within Saskatoon city boundaries, up from 958 a year ago for an annual increase of 22 percent. Condominium inventory sits at 667, up from 472 at this time last year for a year-over-year gain of a whopping 41 percent.
The average sale price of a saskatoon home came in just marginally higher this week at $362,141 even while the weekly median price retreated to $349,900 down about 11K from last week. Meanwhile, the six-week average price moved higher to $366,328 about about four thousand dollars from last week for an annual gain of about $3,500. The four-week median price moved in the opposite direction slipping three thousand dollars to $346,500 to find itself down from the same week last year by $3,500. Prices have shown remarkable resilience over the past months given the changes we’ve experienced this year to the supply and demand scenario.
Click the image for a larger version of the graph.
As usual, the majority of this week’s sales (85 units) are reported to have sold below the asking price by an average of $10,406. The largest discount I could find was $50,000 on an east side two-storey that had been priced at $575,000. The largest percentage discount can be credited to a small east side bungalow priced at $260,000 that went roughly 13 percent below the asking price ($225K). Another seven sales were reported to have sold for more than the seller’s asking price netting said seller a bonus averaging $10,406. The remaining seven transactions closed at the seller’s asking price.
Other notable real estate activity this past week included 104 cancelled and withdrawn listings (92 and 12 respectively), 31 expired listings and 91 price changes.
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Royal LePage Vidorra