Following on the heels of a week that saw a huge spike in the number of new listings brought to the Saskatoon MLS® system, new listings took a downturn again falling forty-five units from the previous week to just one hundred and nineteen houses and condos. That’s thirty-four fewer listings than were offered up for sale during the same week of 2010.
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The total inventory of active MLS® listings in the residential category continued to climb, but at a very modest pace, as the number grew by just twelve to 1340 for a year-over-year gain of thirty-seven properties. Of course, the year-over-year gap has been narrowing fairly substantially each week for the past couple of months. Assuming that the pace of new listings over the next couple of weeks is similar to what we’ve experienced in the last four or five weeks, it appears that we will soon be looking at inventory numbers that are actually down from last year. At this point, we’re just six to seven weeks away from the tipping point when inventory usually starts to decline through the balance of the year, making it highly unlikely that we’ll hit anywhere close to record levels as some had been predicting months ago.
Today’s active listings show 786 single-family homes, a gain of twelve from last week for a year-over-year gain of just four units. Condo inventory actually slipped this week, falling by four properties to 486, up from 453 at this same point last year.
Cancelled and withdrawn listings remained steady with thirty-four Saskatoon home sellers pulling their listing from the system. Twenty-two of them apparently changed their minds and re-listed the same day, setting the days on the market clock back to zero, with most coming back at a new lower price. Another fifty-seven sellers opted for a price change.
The entry-level market saw some improvements this week pushing the weekly median price lower by roughly eleven thousand dollars to $301,500. The weekly average price followed, slipping about six thousand dollars to $314,231. We saw less change in the longer-term averages, but they both moved in the same direction. The six-week average selling price slipped just over a thousand dollars from last week to $315,005, maintaining an annual gain of fifteen thousand dollars. The four-week median slid lower by thirty-five hundred dollars to finish the week at $309,000, for a year-over-year gain of twenty-four thousand dollars.
This week brought some big gains in the percentage of deals that resulted in a bit of overbidding as nine Saskatoon home buyers agreed to close a deal at a price greater than the asking price. The average overbid also saw a large increase to $12,485. Sixty-eight of this week’s eighty-four deals closed at a price that was below list with an average drop of $9,516 for a discount of roughly three percent.
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