Sales of Saskatoon houses and condominiums slid lower on a year-over-year basis, dropping from 120 units for the same week last year, to 99 homes. Still, total unit sales increased by four over the previous week when Saskatoon real estate agents reported 95 firm deals to the local MLS®. In spite of the annual decline, this week’s sales ranked among the top five weeks for housing sales this year.
New listings continued to come at a reasonably strong pace with 155 properties in the condo and house categories being added to the system, up five from last week and ahead of the numbers added during the same week last year by just three.
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The inventory of active residential real estate listings available to Saskatoon home buyers on the multiple listing service® took its first drop since late March. While marginal, it did push the totals to their lowest numbers for the first week of June in five years time. As of this morning, 1205 properties bear an active status on the MLS®. That’s down just five units from the close of the previous week but the year-over-year decline amounts to almost 200 homes. A very strong sales month in May pushed the absorption rate (total inventory divided by the most recent month’s sales) to just 2.7 months. I believe that this is the smallest supply of Saskatoon homes that we’ve seen since 2007. Today, buyers find 717 single-family homes and 405 condos for sale on our system. At the close of the same week last year, those two categories saw totals of 797 and 516 respectively.
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The average selling price of a Saskatoon home saw marginal declines for the second consecutive week as it slipped lower by just four hundred dollars to $348,011 while the median sale price for the week declined about four thousand dollars to $341,000. Meanwhile, the six-week average price of a Saskatoon home took its third weekly drop to finish the week at $340,992 to claim an annual gain of about twenty-three thousand dollars. The four-week median price took a big jump gaining about ten thousand dollars compared to last week to finish at $325K, up thirty thousand dollars from the close of the same week a year ago.
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The majority of this week’s sales (75 of 99) were reported to have traded for less than the asking price. The average discount was $8,189. Another 18 Saskatoon home sellers managed to wrap up a deal at their full asking price. The remaining six sellers were lucky enough to end up with competing bids to close a sale above their list price by an average of $4,833.
Other notable Saskatoon real estate activity this week included 59 canceled and withdrawn listings, just 50 properties that expired from the system without a sale and 56 price changes.
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I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra