Saskatoon real estate week in review: June 11-17, 2017

Saskatoon real estate week in review: June 11-17, 2017

Coming off of the softest sales week in the past two months the number of Saskatoon homes reported sold to the multiple listing service® rebounded to 90, up 22 from the previous week, just two units below sales for the same period last year.

Meanwhile, the number of new residential listings that were added to the MLS® fell significantly. This past week, 203 homes hit the Saskatoon real estate market, down 57 from the preceding period. During the same week last year 208 homes were counted as new listings.

Week 24 of 2017 proved to be another record breaker when it comes to total active residential listings for sale through the MLS® system. That number climbed to 2251 as the week drew to a close, up 21 from the previous week’s close, to finish the period higher than it was a year earlier by 117 units. The number of single-family homes for sale within the Saskatoon city limits is now at 1243, up from 1127 a year earlier. Condo inventory is at 842, up from 810 last year at this time. If inventory trends continue to follow the pattern that we’ve seen over the past two years we will likely reach our peak over the next couple of weeks, and then see those numbers begin to decline.

With 35 of this week’s sales topping to $400,000 mark, the weekly median price surged higher by eighteen thousand dollars to $360,000. The weekly average moved up by nearly 25K to $367,747. This change boosted up the longer-term measures, both of which had been sliding steadily for the last few weeks. The six-week average grew by more than three thousand dollars to hit $353,950 for an annual loss of roughly five thousand dollars. The four-week median price gained two grand from a week earlier reaching $335,000 to record a year-over-year decline of seven thousand dollars.

The overbid activity saw a modest uptick as sales increased. Three sellers found a buyer willing to pay more than their asking price as they netted an average bonus of $2100. On the flip side of the negotiating table, 82 buyers managed to deal themselves a discount averaging $11,432.

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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