Sales activity for the Saskatoon real estate market increased this week as local REALTORS® reported a total of 91 firm residential sales to the multiple listing service®, up from 75 last week, but down by four when compared against the same week last year. Meanwhile, the number of new listings plummeted to 151 for a weekly decline of 51 units, finishing down by 44 units from the same period of 2015. As the week came to a close, so did the month of June which turned out to be the softest month on record this year (when compared to the same month of the previous year) as sales slipped to 394, down 15 percent from June of 2015 for the weakest June since 2010 when just 363 Saskatoon homes changed hands. Year-to-date, residential sales processed through the MLS® system sit at 1891, about eight percent behind last year, and below the five-year average for June by roughly 13 percent.
As is typical for any month-end, a large number of expired listings pushed the inventory of active residential MLS® listings lower. This week we recorded our largest weekly drop in numbers as active listings fell by 107 units from the close of the previous week to settle at 2068, still high enough to stay on the plus side of last year’s number (by 40 homes), a trend that has persisted now for three full years, largely driven, at least more recently by growing condo numbers. Today there are 784 Saskatoon condominiums displaying an active status on the MLS®, way up from 622 a year ago. The exception is single-family homes inventory which fell to 1109 this week, down from 1202 a year ago.
Even with a single sale that topped the one-million-dollar mark, both the weekly average sale price and the weekly median price of a Saskatoon home fell hard this week to $328,327 and $302,000 respectively. The six-week average price slipped lower by three thousand dollars from last week to close at $353,866 which is down from where it was at this time last year by roughly eighty-five hundred dollars. Meanwhile, the four-week median price fell by two thousand dollars from last week’s close to settle at $340,000 for an annual loss of nearly 10K.
Three lucky sellers found a buyer prepared to pay more than their asking price. While the average overbid came in at an impressive $8,467 that number was significantly skewed by a $20,000 overbid on a City Park home. On the opposite side of the negotiating table, 84 buyers made off with a discount averaging $10,245. The remaining four deals closed at the seller’s asking price.
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Royal LePage Vidorra