The number of new listings added to the multiple listing service® continued to show annual gains. This week, Saskatoon real estate agents brought 179 new listings to the system, down 25 from last weeks numbers, up by 14 from the same week last year.
The pace of inventory growth that we’ve seen in recent weeks took a slightly cooler climb as it grew from 1708 at the close of the previous week to 1725 by the close of business Friday leaving us up by nearly 400 residential listings from a year ago, just falling short of the record levels seen in late 2008. The inventory of available singe-family homes sits at 938 today, up from 802 a year ago. Today there are 591 Saskatoon condos showing an active status, up from 422 a year ago.
A stronger showing of upper end buyers pushed the median price of a Saskatoon home by about ten thousand dollars this week to $349,000. The average price moved in the same direction reaching $351,015. Those gains weren’t large enough to reverse the softening we’ve seen in the six-week average price recently. It slipped by about fifteen hundred dollars over the week to $349,159 to leave it down by a bit more than 10K in four weeks, and down more than six thousand dollars from where it stood a year ago. Meanwhile, the four-week median price edged up just a bit from last week to close out at $332,500 for an annual decline of about sixteen thousand dollars.
Sales above the asking price increased to 11 this week. The average overbid of $17,091 was skewed by some new home sales that clearly included improvements not anticipated in the list price. A further 10 buyers paid full asking price, while 66 others ground themselves a deal averaging a discount of $10,770.
Other notable real estate activity this past week included 61 cancelled and withdrawn listings (56 and five respectively), 18 expired listings and 73 price changes.
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