Saskatoon real estate week in review: June 18-24, 2017

Saskatoon real estate week in review: June 18-24, 2017

The final week of spring shaped up to be the strongest sales week so far this year. Saskatoon real estate agents reported 103 firm trades to the multiple listing service®, up from 90 the previous week and topping sales for the same period of 2016 by 25.

The number of new listings added to the MLS® slipped lower for the second week in a row. A total of 197 Saskatoon homes were added to the system for a weekly drop of six, and an annual decline of eight.

The inventory of active residential listings offered for sale on the Saskatoon multiple listing service® fell lower for the first time in a month. This would be the first time in 2017 that inventory has declined during a week that did not include the final day of the month when numerous expired listings typically drive numbers lower. As of this morning, there are 2223 active listings for sale within the city limits. That’s down 28 units from last week’s close, but still up from a year earlier when Saskatoon home buyers had a selection of 2175 properties to choose from. The largest annual gains are recorded in the single-family homes category which has grown from 1159 at this time last year to 1224 today. Condominium inventory shows more modest annual growth as that category sits at 838 today, up just 11 units from a year earlier.

With softer than normal sales above the $500,000 mark, and brisk activity at price points below $300,000 both the weekly median price and the average fell hard to just $310,000 and $330,327 respectively. Both of our longer-term measures followed the same downward path. The six-week average price slipped almost six thousand dollars from a week earlier to close at $348,000. That number is down nine thousand dollars from where it stood at the close of the same week last year. The four-week median price tumbled thirteen thousand dollars this week to $322,000 recording an annual decline of twenty thousand dollars.

For the first time in many weeks, there were no reports of overbid sales, however, four lucky sellers did manage to get their full asking price on their sale. The remaining 99 trades closed at a price that was below the listed price with an average discount of $10,396.

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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