The Saskatoon real estate market was considerably cooler last week than it has been recently. Local agents reported just sixty-one firm house and condominium sales to the MLS®. That number is down forty-two units from the previous week, and just below total sales for the same week last year when sixty-two homes traded. New listings also declined, though not nearly as significantly. Ninety-eight house and condo listings were added to the multiple listing service®, down just six from the previous week and fourteen fewer than were listed during the same period in 2010. Click the image for a larger version of the graph.
The total inventory of residential listings available on the Saskatoon multiple listing service® dropped by just one unit last week to 1276 and finished eighty units below the inventory level at the same time a year ago. As of this morning, there are 763 single-family homes and 453 condominiums for sale on the Saskatoon MLS®. On a year-over-year basis, single-family home listings are down about twenty-eight while condo listings are lower by thirty-two units Click the image for a larger version of the graph.
Cancelled and withdrawn slipped lower as just thirty-six Saskatoon home sellers either cancelled or withdrew their listing from the MLS®. Twenty-one of those sellers did an immediate relist, most at a new price. Forty-seven price adjustments were processed on the MLS® last week. Twenty-six listings completed their term and expired without a sale. Less activity at the entry-levels of the Saskatoon real estate market caused the weekly median price to spike and finish the week higher at $314,500, up twenty-seven thousand dollars compared to the previous week. The average sale price also moved higher, though not as sharply, finishing up thirty-five hundred dollars from last week at $312,167. After three weekly increases, the six-week average slipped lower declining about six hundred dollars from last week to $311,753, not quite one thousand dollars higher than it was at this time last year. The four-week median moved in the opposite direction gaining a little more than five thousand dollars over the week to reach $297,760. That number is actually lower than it was a year ago by about eight thousand dollars. Click the image for a larger version of the graph. Overbid sales dropped to just one unit and that single seller only picked up a hundred dollars more than their asking price. Twelve Saskatoon homes traded at the full asking price. Forty-eight sellers had to engage their buyer in a negotiation that resulted in an average discount of $12,476. Click the image for a larger version of the chart.
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Royal LePage Vidorra