Last week the Saskatoon real estate market bounced back in a big way as there were 96 sales (64 single family, 29 condominiums) recorded to the local MLS which is 19 more from the previous week. Last week the average sales price in Saskatoon was much higher than usual as it closed out at $347,258 and was almost $10,000 higher than the previous weeks average. The difference in average sale price between last week and two weeks ago was activity in the higher end of the market and this drove the price up. Last week the average days on market was 32 which is very similar to recent weeks, while the average sale price under asking was $8286 which is slightly lower than average. Activity in the higher end of the market often skews the average sale price under asking, so I wouldn’t read too much into these numbers. Most importantly the number of sales went up last week which signifies strength in the market as the summer is coming to a close.
Currently there are 1219 (781 single family, 411 condominiums) active listings in Saskatoon, which is 34 listings less than the week previous. Listings are not quite replenishing at the same rate as they’re selling as there were 112 new listings (100 single family, 42 condominiums) posted to the Saskatoon MLS last week. This is a slight improvement of 11 listings 2 weeks ago as there were only 101 posted during the period. As the common theme of 2012 continues, listing numbers are significantly lower than 2011 as there were 1350 listings during the same period last year.
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