Saskatoon real estate week in review: May 29 - June 4, 2016

Saskatoon real estate week in review: May 29 - June 4, 2016

Saskatoon real estate agents kept busy this week with slightly stronger sales and very brisk listing activity as typical month-end expired listings were added to the multiple listing service® for another go. Residential unit sales grew to 95 this week, for an increase of just five compared to the previous week, and up from 87 last year, for the first year-over-year sales increase since late May. At the same time, 240 new listings were added to the MLS® to beat last week’s numbers by 50 homes. While that number is certainly big, it falls short of matching the number of new listings generated during the same week last year when 269 Saskatoon homes were added.

The total number of Saskatoon homes showing an active status took its first drop since the end of April as it slid lower to 2097, down from 2134 a week ago to close with an annual increase of just 56. Single-family home inventory slipped a fair bit lower and dropped by 32 units when compared to the previous week’s close. Today there are 1129 detached houses available to buyers, down from roughly 1200 a year ago. The number of condominiums available on the MLS® system also fell lower to settle at 775, well up from the 644 that were for sale last year at this time.

On the heels of a pretty substantial bounce last week, both the weekly median price and the weekly average price of a Saskatoon home slipped lower to $323,900 and $341,868 respectively. The four-week median price was also down. It fell $2300 from last week to $333,900 to finish below last year’s number of $351,400. The six-week average price continued to inch higher as it closed the week at $349,753 for an annual loss of about 10K.

Overbids came in at just three this week, those deals paying the sellers an average bonus of $2117. The vast majority of this week’s deals (85) required the seller to give a bit as those buyers won an average discount of $10,715. Another seven transactions closed at the seller’s asking price.

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

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