It was one of just four weeks this year where the number of home sales exceeded those recorded during the same week last year. Saskatoon real estate agents reported a total of 96 residential sales to match last week’s numbers and finish up by 26 sales when compared against the same period last year.
New listings grew over last week as local REALTORS® added 205 properties to the multiple listing service®, for a week-over-week increase of nine properties, up seven from the same week a year ago.
Following the very first week this year that saw the total number of residential properties listed for sale fall, the inventory inched higher growing by just three to close the week with 2,031 Saskatoon homes offered for sale, up from 1,526 at this time last year. It seems likely to me that we have actually reached the peak for inventory numbers this year. With some slowing of new listings, and about 180 listings set to expire over the balance of the month I expect that we’ll soon be operating with fewer than 2000 listings. Taking a closer look at the major categories of housing we see 1,181 single-family homes, down from 1,202 last week, and ahead of last year’s levels by 249 homes. Condo inventory grew from 622 at the close of the previous week to 649 today for an annual gain of 177 units.
The median price of a Saskatoon home swung back to recover its losses recorded last week to close where it had the week before at $360,000. Some larger sales at the upper end of the market brought the average sale price higher too, as it reached $360,145. The longer term measures hardly budged. At the close of business Friday the six-week average price stood at $362,431 up just about one hundred dollars from the previous week, and down about four thousand dollars from where it was a year ago. The four-week median price remained flat on a weekly basis at $349,900 down 15K from the same week a year ago when it had spiked unusually high compared top the weeks around it.
Overbid sales fell off from last week’s high of 15 units to just five this week. Those sellers netted a nice average bonus of $10,900 on their deal. On the other hand 84 buyers made off with a discount averaging $11,971. The other six deals closed at the seller’s full asking price.
Other notable real estate activity this past week included 77 cancelled and withdrawn listings (68 and nine respectively), 32 expired listings and 66 price changes.
Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Royal LePage Vidorra