Saskatoon real estate sales slipped lower this week to 82 homes, a drop of just two from last week and down seven when compared against sales reported to the multiple listings service® during the same week last year. At the same time, new listings continued to enter the market at a faster pace. Local agents listed 140 Saskatoon homes this week, just two more than were listed last week but well up over the same week a year ago when just 82 new listings were offered up on the MLS® system.
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The total inventory of residential listings on the Saskatoon multiple listing service® inched higher growing by eight properties from last week to 1207. That’s precisely the number of properties that were available on the MLS® one year ago. Inventory had been well down on a year-over-year basis since early February. In previous years, the trailing off of inventory was underway by now. This year, listings are sticking pretty close to that 1200 mark since the middle of May. A quick search of today’s listings shows 741 single-family homes and 396 condominiums. At the close of the same week a year ago those two categories of Saskatoon housing stood at 723 and 437 respectively.
Absence of home sales above the $630,000 mark kept the average selling price of a Saskatoon home well lower than it has been through most of the year at $308,105. A good number of entry-level transactions pushed the weekly median price below $300K for the first time in months. The six-week median sale price continued to fall for the fourth consecutive week to close the week at $332,604 for an annual gain of just over twenty-eight thousand dollars. The four-week median price took its third consecutive dip falling five thousand dollars from last week to $332,604 for a slimmer than usual annual increase of about fifteen thousand dollars.
Overbid sales had a fairly weak showing at just three. On average, those homes sold at just $400 more than the list price. Another seven homes sold for the full asking price. Meanwhile, 72 of this week’s 82 sales were reported to have sold at a price that was below the seller’s asking price by an average of $8,350. Other notable MLS® activity this week included 43 cancelled and withdrawn listings, 11 expired listings and 53 price adjustments.
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Royal LePage Vidorra