Saskatoon real estate week in review: September 22-28, 2013

While sales numbers softened on a weekly and an annual basis this week saw a reasonable level of activity with Saskatoon real estate agents reporting a total of 76 house and condominium sales to the multiple listing service®. That number is down eight from the previous week and falls short of production for the same week last year by six homes.

New residential listings continued to come on the market at a strong pace for the season as 162 homes were offered for sale to the Saskatoon real estate market this week, up one from last week and ahead of the same week a year ago by 22.

The inventory of Saskatoon homes listed on the multiple listing service® grew again for the third consecutive week, the total flirting with the 1400 mark for the first time in years (for this particular week). Total active listings closed the week at 1393 homes, 15 higher than it was at the end of the previous week and almost two hundred units above levels seen at this time in 2012. At the close of business Friday, buyers could find 874 single-family homes and 409 condos showing an active status on the MLS® system. Single-family home listings have grown by 143 properties over levels recorded a year ago. Available Saskatoon condos are up just marginally from the 390’s last year at this time.

The median price of a Saskatoon home pushed higher this week to $337,200 and the average price followed along reaching $349,726. The longer term measures both moved lower as the six-week average edged down a little under a thousand dollars from last week to finish at $349,726 to close the week about $9,100 higher than it was at this time last year. The four-week median price of a Saskatoon home slipped $450 from last week to $327,000 claiming a year-over-year increase of seventeen thousand dollars.

Overbid sales continued to be rare. This past week just two buyers offered to pay more than the seller was asking. One went a full fourteen thousand dollars over while the other buyer came to the table with an additional $600. Another 68 buyers were looking for a better deal and they worked their sellers for a discount averaging $9,620. The other six deals closed at the seller’s full asking price.

Other notable MLS® activity this week included 64 cancelled and withdrawn listings,  18 expired listings and 56 price adjustments.

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Norm Fisher
Royal LePage Saskatoon Real Estate