You may recall that last week registered as one of the strongest weeks that a very active Saskatoon real estate market had seen since spring. This week, we paid the price for last week’s strong showing as the number of houses and condos that traded hands on the multiple listing service® fell to its lowest point since January of this year. Saskatoon real estate agents reported just 52 firm sales to the MLS® system, down to less than half of last week’s total and falling short of sales for the same period last year by 14 homes.
It’s not that agents weren’t busy. They were. Busy listing homes, that is. In stark contrast to the weak sales numbers, the number of new listings added to the Saskatoon MLS® shot higher, not completely unusual for the first week of the month, but definitely hitting numbers that we’re not accustomed to seeing at this time of the year as 195 flowed into the system. House and condominium listings saw a weekly increase of nearly forty homes beating numbers for the same week a year ago by 74.
Last week, the number of Saskatoon homes showing an active status on the multiple listing service® fell by nearly fifty homes as a flood of expired listings came off of the system. This week, the majority of those likely came back for another crack at the market as the total number of homes listed for sale in Saskatoon grew by 61 to reach 1573 for an annual increase approaching 300 units. Last year at this time there were 1282 Saskatoon homes for sale, a number that was already well ahead of what had been typical in previous years. At this time, there are 920 single-family homes for sale in the city, up from 792 at this time last year. Condo inventory sits at 487 for an annual increase of 91 homes.
The mix of sales looked much like last week with the median sale price of a Saskatoon home holding steady at $338,000. Fewer high end sales brought the average sale price down by 17K from a week ago to $352,911. Meanwhile, the longer term measures held pretty firm as the six-week average price came in virtually unchanged from a week ago at $359,455. That was enough to claim an annual increase of about 12K. The four-week median slipped just two thousand dollars on the week to $348,000 to find itself nearly even with last year’s number.
Above list offers were limited to just one as a single buyer sweetened their offer by topping the seller’s asking price by $2,600. Five more agreed to a full price deal while 46 insisted on a discount that averaged $9,440. Other notable real estate activity this past week included 92 canceled and withdrawn listings (64 and 28 respectively), nine expired listings and 100, yes 100 price changes.
Highlights from the news this week
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