On the heels of one of the more sluggish weeks for Saskatoon real estate sales, at least in recent months, sale numbers of houses and condos took an upward bounce and new listings moved in the same direction. Local agents reported a total of eighty home sales, up nineteen units compared to the previous week, and up eighteen on the same week a year ago. One hundred and eight new listings (houses and condos) were added to the Saskatoon multiple listings service®, exactly on par with the number processed during the same week last year, but up ten properties when compared on a week-over-week basis. Click the image for a larger version of the graph.
Total MLS® listings in the residential category stayed pretty stable this week losing just two from the final tally last week, which finished at 1274. Still, it is the fifth consecutive week of drops suggesting strongly that inventory will likely follow its normal seasonal trend and continue to decline through the balance of the year, as it should by late summer. Last year at this time, total active residential listings were higher at 1362. At the close of the week there were 754 single-family homes and 453 condominiums showing an active status on the system. That compares with 807 single-family homes and the same number of condos that were available at the same time in 2010. Click the image for a larger version of the graph.
Cancelled and withdrawn listing remained steady at thirty-eight, with twenty-eight of those homes quickly returning with a new MLS® number, and in most cases, a new price. An additional forty-three Saskatoon home sellers adjusted their asking price on their existing MLS® listing. Sixteen listings reached the end of their term and expired from the system without a sale. The average selling price of a Saskatoon home edged up slightly this week to $317,129 and finished higher than the previous week by roughly three thousand dollars. The median sale price moved in the opposite direction slipping one thousand dollars to $313,500. The six-week average price gained a grand on the week to close at $312,782 finishing higher on an annual basis by just four thousand dollars. The four-week median price gained just over two thousand dollars when compared to last week and finished at $300K, precisely where it was when the tallies where counted at the close of the same week last year. Click the image for a larger version of the graph. Overbid sales increased from just one during the previous week to four, but average overbids remained modest at just $1,075. Another five sellers got all that they were asking. Seventy-one of eighty sales required some back and forth negotiating and completed with an average discount of $9,282. Click the image for a larger version of the chart.
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Royal LePage Vidorra