New listings also slid fairly significantly as just 114 house and condo listings hit the MLS®, declining forty-three from last week to finish just ahead of the same week last year when 109 properties were offered up for sale.
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The total inventory of MLS® listings in the residential category grew again picking up twenty-five units to reach 1405, and topping last year’s inventory by just four properties. Today, I see 823 single-family homes and 509 condos listed for sale on the multiple listing service®, almost identical to last year’s number when there were 822 and 503 respectively.
Cancelled and withdrawn listings were about even with the previous week at thirty-nine. Just over half of those made a return appearance as a new listing the same day they were removed. Most of them returned with a lower asking price. An additional forty-nine sellers used a standard price adjustment to sweeten their offering in hopes of closing a deal before the spring rush starts to loose its steam.
An unusually strong burst of activity in lower priced homes drove the weekly median price lower by nearly thirty-five thousand dollars to $276,500. The average selling price of a Saskatoon home moved in the same direction dropping twenty thousand dollars to $303,679. The longer-term measures held pretty firm. The six-week average price actually moved higher on a week-over-week basis, gaining just a couple of hundred dollars to finish at $318,995 roughly twenty-three thousand dollars higher than it was at this time last year. The four-week median was down just nine hundred dollars from the week before to $306,000 for a year-over-year gain of twenty-one thousand dollars.
Overbid activity remained weak with just two sellers closing a deal above their asking price, by an average of just $2,600. Another four got their full asking price while sixty-four of seventy firm transactions required a sharper pencil to close the deal. The average dollar discount on those homes that sold below list price was $8,993 or about three percent of the price.
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