Coming off of three very strong weeks, Saskatoon homes sales slipped lower on both a weekly and an annual basis. Local real estate agents reported 86 firm residential transactions to the Saskatoon multiple listing service®, well down from the 99 deals that were recorded last week. We finish the period with four fewer sales than we saw during the week last year.
Meanwhile, the number of new listings added to the MLS® also slipped lower. A total of 203 residential properties were entered into the system, down from 221 last week, but up from 190 of the same period of 2016.
MLS® inventory continued to move higher, this week reaching 2174 listings, which is just one listing shy of last year’s peak number. In 2016, total active listings reached their high point for the year around the end of June. That’s about the time when MLS® inventory reaches its highest level most years. If this year follows typical patterns we should top out around 2200-2250 active listings before the inventory starts a slow but steady decline through the balance of the year. Today we have 1195 single-family homes for sale in Saskatoon, up 34 units from this time last year. Condo inventory is at 823 for an annual increase of 30.
A strong showing of entry level buyers (13 sales under $200,000) ushered the weekly median price lower to $330,250 while an absence of sales above the $700,000 mark (and only five deals above 500K) brought the average sale price to one of its lowest levels this year. It closed the week at $326,848. After growing by more than $20,000 over five weeks the six-week average price finally took a downward turn as it slipped from $364,096 last week to $357,806, however, it still managed to record a seventeen thousand dollar increase when compared to closing numbers from the same week last year. The four-week median price also went down falling from $348,000 last week to $345,000. That number is also up from a year ago, but by less than nine thousand dollars.
Three lucky sellers closed a sale for more than their asking price picking up an average bonus of $2,900. Six more wrapped up a contract at their asking price. The remaining 77 transactions recorded a sale price that was below list by an average of $10,568.
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Royal LePage Vidorra