Saskatoon real estate sales numbers inched higher once again as local agents reported 98 firm residential deals to the multiple listing service®, up just one from last week and down six from the same period last year. Still, that is the highest number of sales for any week since mid-May and the third strongest sales week for 2016. The number of new listings processed through the MLS® fell sharply this week to 170 homes, down from 205 the previous week for an annual decline of seven.
Strong sales and fewer new listings brought the number of active residential listings on the Saskatoon MLS® system lower this week. By this morning there were 2055 residential properties showing an active status on the system. That’s 21 fewer homes that we had a week ago and 62 more than were available at this time last year. Today we’re 120 units below the 2175 listings that we counted as June came to a close and I expect that will be the peak number for 2016. With about seventy more listings set to expire in the next couple of days, there’s a reasonably good chance that we might soon finish a week with fewer listings than we had the previous year. It’s been well over three years since we’ve seen that happen (In June the monthly active listings numbers were down for a year ago but quickly jumped higher again).
A deeper look at the inventory numbers shows 1089 single-family homes for sale today. That’s down from 1153 a year ago. On the other hand, there are currently 783 active condominium listings, up from 647 at this time last year.
A very active upper-end market which included two residential sales that contributed more than $3 million to the total dollar volume for the week caused the average sale price for the week to spike higher to $384,223. The median price for the week also soared and grew by $15K compared to the previous week as fewer purchases under $200,000 were reported. That was enough to push the four-week median price to a new high for 2016. It closed the week at $345,000 which is $10,000 higher than it was a week ago, but down $2,500 on an annual basis. Meanwhile, the six-week average price grew to $357,983 for a gain of thirty-five hundred dollars over the previous week and finished lower than it was last year by roughly the same amount. These are the lowest year-over-year losses we’ve seen in months.
Overbid sales were completely shut out this week but 12 lucky sellers did manage to close a deal at their asking price. The other 86 transactions were reported to have sold below list price netting those buyers a hefty average discount of $14,892.
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Royal LePage Vidorra