Last week, Saskatoon’s residential real estate market took a big plunge. This week it slipped even more falling by ten sales to just 58 (houses and condos) to reach its lowest level since the week of March 11. On a year-over-year basis, the numbers look more stable. During the same week last year only 61 sales were recorded in these categories. I’m expecting that we’ll see a pretty good surge in sales over the next week, based entirely on the experiences of my team this week. Many of the properties that we have attempted to show were reporting conditional sales.
New Saskatoon real estate listings added to the MLS® also declined on a weekly basis dropping seven units to 110 to finish 12 listings ahead of the same week last year.
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Total active listings on the Saskatoon multiple listing service® grew for the first time in three weeks gaining eight units on the previous week to close at 1195 down just 79 units from where it stood precisely one year ago. Today’s inventory consists of 729 single-family homes and 393 condominiums. At the same time last year, those numbers stood at 763 and 453 respectively.
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The four week run on sales exceeding $1-million dollars ended this week with the most expensive Saskatoon home sale ringing in at just over 900K. Still, a higher level of interest at the upper end of the market pushed the weekly median price up more than twelve thousand dollasrs to 343,000. The average selling price of a Saskatoon home reached its highest point for any week ever at $370,141.The six-week average also claimed a new high as it grew by about six thousand dollars from last week to close at $351,625 for an annual gain of nearly forty thousand dollars. The four-week median price picked up about $2,400 on the week to finish at $328,950 for year-over-year growth of more than thirty thousand dollars.
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Overbid Saskatoon home sales were on the quieter side as just one seller closed a deal for more than the asking price. That buyer paid an additional $10,100 to call the home theirs. Meanwhile, another seven buyers stepped up and paid the full asking price to close their deal while 50 of this week’s 58 sales closed below list price by an average of $10,586.
Other notable MLS® activity this week included 39 canceled and withdrawn listings, 22 expired listings and 50 price adjustments.
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I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra
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