Coming off of the strongest sales week this year, the Saskatoon real estate market cooled considerably as the number of firm trades reported to the multiple listing service® slipped to just 73, a decline of 30 from the previous week, and down an equal amount when compared to the same week a year ago. New residential listings also fell lower as 205 Saskatoon homes were added to the MLS®, down from 222 the week before, but up from 197 from the same period the year before.
The number of residential listings available to Saskatoon home buyers through the multiple listing service® grew to 2083 before listing activity resumed on Saturday morning. That represents an increase of 60 units compared to the previous week’s close and a drop of 140 from the close of the same week last year. That’s the smallest year-over-year drop to the inventory since January. A closer look by major housing categories shows a total of 1114 single-family homes showing an active status, well up from 1071 at last week’s close, and down from 1224 a year ago. Available condo properties are at 838, unchanged from the previous week, and up 10 from a year ago.
A stable spread of sales activity between the upper and lower end of the Saskatoon real estate market kept the weekly median sale price of a Saskatoon home from moving much. It rose just 3K from the previous week to reach $323,000. The average sale price didn’t move much either. It came in at $324,710. The six-week average price edged slightly lower, dropping about two thousand dollars from the previous week’s close, finishing the week at $330,549. That’s close to eighteen thousand dollars lower than it was a year ago. The four-week median price dropped a thousand dollars from last week to settle at $324,000. That’s high enough to claim the first year-over-year increase ($2,000) we’ve seen on this measure since the first week of April.
Three sellers attracted offers for more than they were asking. One wild overbid of $60,000 on a City Park home skewed the average discount wildly high to $20,803. While 13 buyers agreed to pay the seller’s asking price, 87 insisted on a deal and ground themselves a discount averaging $12,253.
A full 64 of this week’s sales were reported to have sold below the seller’s asking price, and generating a pretty large average discount that amounted to $14,586. Just one lucky seller saw an overbid sale and their bonus came in at just $100.
More weekly stats and numbers for those who love them.
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Royal LePage Vidorra