Local Realtors® reported just fifty-eight firm sales of detached houses and condominiums by the close of business Wednesday, down from eighty-three last week, and below the eighty-nine units sold during the same week a year ago. Condo activity remained relatively strong claiming twenty-four sales while single-family homes recorded thirty-four.
Over the course of the week agents introduced sixty-nine single-family home listings and seventeen condos for a total of eighty-six new MLS® listings, down from 123 the week before and lower than the 119 new listings that entered the system during the same week in 2009.
Of course, a new month also began this week. Six consecutive weeks of year-over-year declines in unit sales took its toll on the monthly sales numbers for the second month in a row. June closed with a total of 364 sales in the residential category, down roughly seventeen percent compared to last year.
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After five weeks of flat lining, the residential inventory of MLS® listings finally took a clear direction as month end expired listings pushed the numbers lower. Still, the week-over-week decline of fifty-five units was not enough to prevent listings from moving higher on a year-over-year basis for the first time in 2010 as the week closed with a total of 1372 listings to mark a gain of thirty properties compared to the same time last year. Today there are 828 single-family homes and 470 condominiums showing an active status. Single family home inventory gained just three units over the same period last year while condos jumped forty-seven. Fewer duplexes, semi-detached, mobiles and vacant lots account for the other changes.
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Cancelled and withdrawn listings came in at just thirty-five this week with twenty-two of those doing a same day return to the system as a new listing. An additional thirty-one Saskatoon home sellers adjusted their asking price this week.
With more than half of Area 1’s sales being smaller condos, not to mention a lack of transactions in the luxury category, the average selling price of a Saskatoon home slid toward annual lows finishing at just $269,992, about a thousand dollars shy of last year’s number. The six-week average slipped to its lowest point since the week of April 23 finishing the week at $295,933, down three thousand dollars from the week before but up over fifteen thousand dollars compared to the same week last year. The four-week median made its largest single week move since the week of March 12and fell ten thousand dollars to $275,000, just twenty-seven hundred dollars higher than it was at this time in 2009.
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Fifty-one of fifty-eight sales were wrapped up below the asking price by an average of $8,075. After a few months in the high 2’s, the average discount expressed as a percentage of the asking price broke the three percent mark. Three sellers managed to settle at their asking price and four completed a deal above that number recording an average overbid of $2,354.
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Norm Fisher
Royal LePage Vidorra
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