Following a few brisk weeks with house sales reaching above the 100 unit mark the Saskatoon real estate took a bit of a dip falling by eight sales from the previous week to 94 and finishing lower than the same week last year by nine.
New listings of Saskatoon houses and condominiums came on fairly strong at 167, up nine units from last week to finish higher than the same week a year ago by nearly 60 homes. Many of those “new listings” were actually relists that were disguised as new listings with “days on the market” reset to zero.
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In spite of the large gap between sales and new listings, the total active inventory of Saskatoon MLS listings stayed fairly stable growing by just ten homes to 1214, down nearly 200 homes from levels seen a year ago. Today, there are 746 single-family homes and 397 condominiums showing an active status on the Saskatoon multiple listing service. At this time last year, there were 801 single-family homes and 518 condos available to home buyers.
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The average sale price of a Saskatoon home slipped lower for the third consecutive week and settled at $327,142 while the weekly median price pretty much held its ground slipping just $500 from last week to $311,500. In longer-term measures, this week’s sales see the six-week average price also holding firm on a weekly basis at $332,952 for a year-over-year gain of about $23K. The four-week median price grew by four thousand dollars on last week’s close to finishing this week at $316,000 for annual growth of $17,000.
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Overbidding made a bit of a comeback compared to the previous week when they were nearly non-existent. This week, six buyers paid the seller more than their asking price but the average overbid was pretty low at just $62 (take the family for lunch). Another nine sellers found a buyer willing to step up and pay the full asking price while 79 of this week’s 94 sales were completed at a price that was below the seller’s number.
In other MLS activity this week, there were 56 cancelled and withdrawn listings, 16 listings that expired without a sale and 47 sellers who adjusted their asking price.
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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.
Norm Fisher
Royal LePage Vidorra
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