After two weeks of softer than expected new listing activity, unit numbers spiked as home sellers brought 135 houses and condominiums to the Saskatoon multiple listing service®. That’s two dozen more than were listed the previous week but seven fewer than were offered for sale during the same week last year. New MLS® listings have trailed the previous year’s numbers for four of the past five weeks.
Still, total active MLS® listings (residential) took a gain that was as large as any we’ve seen in recent weeks, in spite of the fact that this week crosses month end, a time at which expiring listings are typically plentiful. The inventory grew by forty-two homes this week to finish at 1215, up from 1054 a year ago for an annual gain of roughly fifteen percent. On a weekly basis, the largest gains were seen in the single-family category, which moved from 669 to 693 while condo inventory edged up from 435 to 446. Those numbers are up from a year ago when single-family home numbers were at 630 and just 372 condos were showing an active status on the Saskatoon MLS®.
Cancelled and withdrawn listings surged higher with forty-three units being removed from the system prior to their expiry date. Twenty-six of those returned the very same day brandishing a new MLS® number and in most cases, a new price. An additional fifty Saskatoon home sellers adjusted their asking price. Twenty-one properties expired following a full listing term without a sale.
Sales activity at the lower end of the market was particularly weak pushing the weekly median sale price higher by nearly $53,000 to $309,900 to reach its highest point in eight weeks. Seven deals that closed for more than a half million dollars pushed the weekly average higher to $321,512 to reach its highest point in nine weeks. The six-week average sale price moved up two thousand dollars over the previous week to $298,087 maintained a year-over-year gain of nearly fourteen thousand dollars. The four-week median climbed by almost seven thousand dollars to $292,000 for an annual gain on about $18,000.
Overbid activity remained steadily weak in comparison to previous spring markets with just four sales registering a price greater than the asking price. However, the average overbid amount nearly tripled from the previous week to $5,462 thanks to a couple of ten thousand dollar overbids on homes priced below $300K. Sixty-six of seventy-one sales required some pencil sharpening on the seller’s side closing at an average on $9,313 below list price for an average discount of 2.8%.
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