Saskatoon real estate sales processed through the MLS® system slipped lower on both a weekly and an annual basis over the past seven days. Local REALTORS® reported 85 firm residential sales, down six from 91 last week, and falling lower from 96 deals recorded over the same week last year. On the heels of a fairly significant decline last week, the number of new listings processed through the Saskatoon multiple listing service® rebounded. This week saw 190 new listings enter the system, well up from the 151 that came on the week before, but down from the same period of 2015 when 205 Saskatoon homes were offered for sale.
In spite of a large number of expiring listings (132) the residential inventory of MLS® listings managed to grow this week, though just slightly. As of this morning, there are a total of 2074 active MLS® listings, up just six from last week’s close for a year-over-year increase of 41 properties. That leaves us 101 units below the peak numbers so far in 2016 when we saw levels reach 2175 a few weeks ago. While the month end listing numbers managed to fall below the previous year’s levels at the end of June, we have yet to see that happen at the close of any week. Today, buyers have 1117 single-family homes to choose from, which is up eight from last week’s close, and down about five percent from where it sat a year ago when there were 1181 single-family homes for sale. Meanwhile, the number of condominium properties offered for sale slipped lower by eight units from last week to settle at 776 for a near 20 percent annual increase. Last year at this time there were 649 condos available for purchase on the MLS®.
With just three sales recorded below the $200K mark, and a solid handful of trades over $500,000 both the median sale price and the average sale price took huge gains this week. The average for the week went to $364,649 for a thirty-six thousand dollar increase from last week, while the median sale price reached $358,000 for growth of fifty-six thousand dollars. In spite of big weekly gains, the longer term measures didn’t play along. The six-week average price inched up just a few hundred dollars from last week to reach $354,273 to take an annual loss of eight thousand dollars. The four-week median price fell about eight thousand dollars from the previous week and settled at $331,875 which is about 18K lower than it was a year earlier.
While two sellers found themselves in the fortunate position of closing an above list price offer and averaging a $2800 overbid, 79 of this week’s reported sales went below list price. The discounts that buyers took averaged $11,917. Another four sales closed at the seller’s asking price.
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Royal LePage Vidorra