New listings fell further, dropping 17 units from last week to just 77 properties, well below the 100 houses and condos that were listed for sale by Saskatoon real estate agents over the same period last year.
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The total inventory of active MLS® listings in the residential category continued edge lower as 51 property listings expired without a sale as the month of October closed. Today, there are a total of 1161 residential properties displaying an active status on the MLS®, 54 fewer then were available at the close of the previous week, and just nine fewer than we had at this time last year. Among those listings, buyers will find 698 single-family homes and 390 condominiums. At this time last year, those two categories of Saskatoon housing stood at 703 and 404, respectively.
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Cancelled and withdrawn listings came in higher on a weekly basis at 47 units with 23 of those homes making a same day return to the system, most at a lower price. An additional 37 sellers took a more direct route and simply adjusted the asking price of their home. As I mentioned earlier, 51 listings expired, having reached the end of their term without obtaining an acceptable offer.
On the heels of a fairly significant decline last week, the average sale price of a Saskatoon home inched higher again picking up almost $5,000 this week to reach $325,487. At the same time, the median price spiked higher gaining more then $25,000 from the previous week to hit $310,250. The six-week average price slipped just a few hundred dollars on a weekly basis falling to $325,972 to maintain a year-over-year gain of just over $21,000. The four-week median price pushed higher by close to $2,000 compared to last week and reached $311,680 to come within one thousand dollars of its peak for this year. Last year at this time, the four-week median was lower by more than $31,000.
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Overbid sales were almost a non-factor again with just one lucky seller closing a deal for more than their asking price. That seller pocketed an extra $4,000 as a bonus. An additional seven buyers offered full asking price to close their deal while 54 of 62 closed deals required some give and take, with the seller dropping an average of $10,380 to wrap things up.
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Norm Fisher
Royal LePage Vidorra
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