It was another strong week for Saskatoon real estate sales as local agents reported 111 firm deals to the multiple listing service®, down just two from last week’s totals and falling short of sales recorded during the same week a year ago by 14, a decrease that has become more or less typical of the 2015 year. At the same time, the number of new listings added to the MLS® slipped to a greater degree, at least on a week-over-week basis. Saskatoon REALTORS® brought 199 new listings to the system, down 31 from levels seen a week ago, but up by 45 units on an annual basis.
The number of active residential MLS® listings available to buyers stalled this week. By the close of business Friday 2093 active residential listings could be found on the system, precisely the number that we ended with the previous week to bring us the first week of the year during which listings did not increase. While no gains could be found when comparing numbers against last Friday’s close, annual growth to the inventory sits at 541 homes today, the highest number of homes ever available for sale on the Saskatoon multiple listing service. At present, 94 listings are scheduled to expire between now and the first of July so it’s quite possible that we may see our first drop in inventory levels next week. Stay tuned. In the mean time, buyers have 1227 single-family homes to choose from, up from 945 at this time last year. Additionally, there at 665 condominiums bearing a for sale sign, up from 484 a year ago.
The mix of sales activity between upper end and entry level remained fairly stable so the median price of a Saskatoon home edged just slightly lower to $360,000. The weekly average fell a bit more to $364,660. Meanwhile, both the six-week average price and the four-week median price reached new highs for the year at $366,192 and $360,000 respectively. The six-week average price was up nearly two thousand dollars from a week ago, rising about three thousand dollars on an annual basis. The four-week median grew by $8,500 from last week’s number to find itself up by about the same amount on a year-over-year basis.
Overbid sales slipped lower to nine this week with average overbids of just $2,811 being recorded. Another 93 buyers broke away from the negotiating table with an average discount of $10,910. The remaining nine sales closed at the seller’s asking price.
Other notable real estate activity this past week included 90 cancelled and withdrawn listings (84 and six respectively), 19 expired listings and 84 price changes.
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Norm Fisher
Royal LePage Vidorra