Another solid week is in the books for the Saskatoon real estate market as residential sales hit 114 units, up 12 from last week to top sales recorded during the same period last year by 16 homes. Meanwhile, the number of new listings added to the Saskatoon multiple listing service® slipped lower. Local agents brought 205 new listing to the MLS® system this week, for a weekly decline of 34 homes. As has been the case for most weeks in this calendar year, we continue to see more new listings flowing on the market than we did during the same week a year ago when 181 Saskatoon homes were added to the system.
Stronger sales and weaker new listings didn’t keep the number of active listings on the Saskatoon MLS® from growing, but the change was small in comparison to what we’ve seen in an average week lately. At the close of business this week, local home buyer could find 2012 homes to choose from, up just 11 from last week, for a year-over-year increase of 469. Today, single-family home numbers reach 1136, up from 938 at this time last year. Condo inventory moves higher to 695 from 478 a year ago. While both of these categories seem like strong numbers, it’s apparent to me that the selection of resale single-family homes is a bit weak. Our resale assessments in recent weeks routinely show a supply of homes in the two to four month range, at the least a balanced market, and in many cases still favouring sellers.
That might explain why prices continue to show some strength, even in the face of inventory numbers which appear high on the surface. This week, a bit more entry level action saw the median price of a Saskatoon home slip lower to $359,750 even while the average price moved up to $376,753. More telling, are the longer term measures, both of which continued to head for higher ground, and in fact, both reaching new highs for the year. The six-week average price takes its sixth consecutive weekly increase as it grows by roughly three thousand dollars on the week to reach $361,199 for an annual increase of 10K. The four-week median price saw its seventh weekly gain as it moves three thousand dollars to $350,000 and also claims a year-over-year increase of ten thousand dollars. Click the image for a larger version of the graph.
Eight lucky sellers found a buyer willing to may more than asking price. Those buyers paid an average of $4,020 more than list price. Another 98 buyers came in under list and settled with the seller netting an average discount of $10,440 while the remaining eight sales resulted in a full price sale. Click the image for a larger version of the chart.
Other notable real estate activity this past week included 80 cancelled and withdrawn listings (80 and five respectively), 31 expired listings and 90 price changes.
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Royal LePage Vidorra