New listingsfell by a slightly higher percentage compared to last week as agents brought just seventy-seven listings to the Saskatoon multiple listing service, a decline of nineteen compared to last week, but an increase of thirteen when compared against the same time period last year.
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Following an unusual display of stubbornness that lasted nearly three months the total inventory of residential listings on the Saskatoon MLS continued to trend lower for a fourth consecutive week. Total active listings slid to 1246, down twenty units from the close of the previous week but still remains twenty-four percent higher than it was at this time last year when just 1006 Saskatoon homes were for sale. Today’s inventory includes 750 single-family homes and 429 condominiums, with the former dropping twenty and the latter gaining two on a week-over-week basis. Last year at this time there were 584 single-family homes and 353 condominiums showing an active status on the Saskatoon MLS.
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There were just twenty-nine cancelled and withdrawn listing processed on the system this week and as usual, about half of those managed to find their way back to the MLS as a new listing, most with a new lower price. An additional fifty-five price adjustments worked their way through the system over the course of the week.
More than ten percent of this week’s sales boasted a price exceeding five hundred thousand dollars, so as you might expect, the average selling price of a Saskatoon home took a strong bounce reaching $321,676 and coming close to the previous peaks for the year that we saw in August. The six-week average selling price remained steady compared to last week closing at $308,607 to gain just over twenty-three thousand dollars when compared against the same week last year. The four-week median sale price slid three thousand dollars from last week to finish at $286,000 and claimed a gain over the same week in 2009 by roughly thirteen thousand dollars.
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Three Saskatoon home sellers found a buyer prepared to pay more than list price by an average of $15,734 this week, a number that was seriously skewed by one small area 4 house listed at $84,900 that sold forty thousand dollars above that. Three more sellers closed a deal at their asking price while forty-four of fifty sales closed below list by an average of $8,502 or about 2.7% of list, the smallest discount we’ve seen in the past few months.
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Norm Fisher
Royal LePage Vidorra
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