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Residential sales continued at a brisk pace as the final week of the spring of 2015 wrapped up. Saskatoon real estate agents reported a total of 113 firm sales to the multiple listing service® through the week, an increase of five from last week and just shy of the 120 sales reported over the same period last year. The number of new listings added to the MLS® system continued to top 200 for the eleventh consecutive week as 230 listings were added to the system, down 19 homes from the previous week but well ahead of number generated the same week last year when new listings took a sharp drop to just 179.
Total active residential listings available to home buyers through the Saskatoon multiple listings service® edged higher again climbing by 22 this week to close at 2093 for an annual increase of 532 properties. A closer look by category reveals 1211 single-family homes for sale, up from 943 at this time last year, and 664 condominiums for an annual increase of 169 units. How high will inventory go this year? It’s hard to say. Weekly gains are small but steady and the trend line is still clearly upwards. At some point soon we’ll likely see a plateau, but it’s anyone’s guess as to where it will go after that. Over the past three years, inventory, after reaching its peak remained stubbornly high through the fall.
With a stronger mix of upper end sales this week, the median sale price of a Saskatoon home moved higher by 14K this week to $363,000. The average priced also edged up, though not nearly as much, as it grew my about two thousand dollars from last week to $371,968. The six-week average price gained about four thousand dollars from a week ago to finish at $364,472 claiming it’s highest spot on the price chart for the year, and an annual increase of just a few hundred dollars. Meanwhile, the four-week median price remained stable at $351,500 for the third week in a row, up just $1600 from levels recorded at this time last year.
Overbid sales increased to 11 this week as those lucky sellers saw offers with average overbids of $18,456. On the other hand, 96 buyers wrapped up a deal with an average discount of $10,457 to their credit. The other six sales were closed at the full asking price.
Other notable real estate activity this past week included 114 cancelled and withdrawn listings (105 and nine respectively), and 22 expired listings.
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Royal LePage Vidorra