Following the strongest sales week of the calendar year, Saskatoon real estate sales in the residential category fell flat. Local REALTORS® reported just 68 firm deals to the multiple listing service®, down from 102 last week and falling short of sales for the same period last year by 22 units.
The activity was notably stronger on the listing side as Saskatoon real estate agents processed a total of 260 home listings, for the second strongest listing week this year, and ahead of numbers generated during the same week last year by 28 properties. Last week, the new listings category recorded 247 new entries.
The number of residential listings showing an active status on the multiple listing service® reached a new record high this week, just as it did this same week a year earlier. Total active MLS® listings now sit at 2230, up from 2159 last week, for an annual increase of 90 Saskatoon homes. A closer look at the major housing categories shows 1243 single-family homes for sale, ahead of last year’s numbers by 96. Condo inventory is now at 825, up 20 from a year earlier. The remaining categories (semi-detached, duplex, vacant lots, etc.) show a year-over-year decline of 26 units.
With ten residential sales below the $200,000 mark in this week’s mix, both the weekly median price and the weekly average fell lower to $333,000 and $350,795 respectively. Meanwhile, the six-week average price took its third consecutive weekly decline, steadily slipping off its annual peak of $364,096 to reach $350,795 this week. For the first time in eight weeks, the six-week average price falls lower on an annual basis. It’s down about $7600 from where it was at the close of the same week last year. The four-week median price has been following a similar downward path, dropping for the fourth week in a row to $333,000. That’s down more than 17K from a year earlier.
Once again, just one lucky seller found a buyer willing to pay more than their asking price, but the bonus was light at just $100. Another seven sales were recorded at full price. The remaining 60 deals went for less than asking price with an average discount of just $9,927. This would be the first time we’ve seen the average underbid drop below 10K in a few months time.
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Royal LePage Vidorra