This past week brought a solid rebound in Saskatoon real estate sales as local REALTORS® reported 90 residential sales to the multiple listing service®, well up from 64 for the previous week, but down 12 when compared against completed sales for the same week last year.
The number of new listings added to the MLS® weakened just slightly. Over the course of the week, agents brought 214 Saskatoon homes to the system, down seven from last week and about even with the number of homes added during the same period a year ago.
The number of active Saskatoon real estate listings in the residential category was largely unchanged as the grand total edged up by just two homes this week to close at 2058 homes for an annual increase of 445 properties. Numbers slipped lower for the week in the single-family homes category which finished the week at 1199, up from 1002 a year ago. Condominium inventory edged up this week gaining three to reach 680 for an annual increase of 206 units.
The median price paid for a Saskatoon home saw a modest increase this week to $331,000. The average price inched higher by nearly the same amount and hit $337,458. These modest gains couldn’t keep the longer term price measures from heading lower as they’ve been doing for several weeks. The six-week average sale price slipped about three thousand dollars to $344,703 to find its lowest point since mid-April, and to show an annual loss of eight thousand dollars. The four-week median price lost nearly seven thousand dollars compared to last week as it came in at $333,200 and recorded an annual loss of nearly 14K.
Negotiations largely favoured buyers, as usual, with 79 of 90 sales being reported as having sold below the asking price with an average discount of $12,825. There were five deals that closed at the full asking price and another six that saw the buyer offering more than the seller had asked by an average of $10,530.
Other notable real estate activity this past week included 118 cancelled and withdrawn listings (111 and seven respectively), 32 expired listings and 101 price changes.
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Norm Fisher
Royal LePage Vidorra
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