There’s nothing remarkable about the numbers, but it’s certainly worth noting that local home sales hit their highest point in three months this week as Saskatoon real estate agents closed 97 deals. That’s up just four from last week and two behind the final tally for the same period last year. The number of new listings added to the MLS® system remained high at 205 mostly due to a large number of expired listings (91) and almost as many cancellations (90), many of which returned for another go at the market masquerading as a “new listing”.
Active listings of residential properties on the multiple listing service® remained fairly stable as the week closed with 2076 homes for sale, up just seven from a week earlier, and ahead by 30 when compared against numbers recorded on today’s date, last year. That is the smallest year-over-year increase to inventory levels since early May. We close the week showing 1117 single-family homes in the “active” category. That’s up ten from last week’s close, but fewer than were available a year ago by 55. Condominium numbers slipped slightly lower, a rare occurrence this year, falling by six from last week to settle at 775 for an annual increase of 100.
Last week’s price stats were all pretty plump with a large percentage of deals having occurred at the market’s upper end so it’s no real surprise that they fell this week by every measure we track. With just seven sales recorded above the $500,000 mark and nine below $200,000 the median price of a Saskatoon home fell 36K this week to $334,000. You may recall that last week the weekly average price, skewed significantly higher by two sales above the $1 million mark hit its highest point for the year at $382,788. With those big deals out of the mix, the average price slipped nearly $40K to $345,131. Meanwhile, the six-week average price came off of its high point for year and dropped more than six thousand dollars from last week closing at $354,359 for an annual decline of eleven thousand dollars. The four-week median price fell by four thousand this week and ended the period at $335,000 for a year-over-year loss of $4,400.
The vast majority of sales this week went below list price as 92 buyers negotiated a discount that averaged $11,308. On the other side of the negotiating table, three sellers managed to close a deal at their asking price while two others found a buyer willing to pay more than list price netting an average bonus of $2,600.
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Royal LePage Vidorra