Following three consecutive weeks of sales increases the Saskatoon residential real estate market took a slide as the number of houses and condominiums changing hands hit their lowest levels since mid-March of this year. Local agents reported a total of 68 firm deals to the Saskatoon multiple listing service®, down 32 from the previous week, and just one more than had been reported during the same week of last year.
The number of new MLS® listings added this weekgrew by 13 when compared against the previous week. Saskatoon real estate agents processed listings on 166 houses and condos, about a dozen more than we saw come on over the same period a year ago. As is typical most months, the final week usually sees a fairly high number of listings expire as they come to the end of their term without a sale. A pretty good handful of those get re-listed and push the new listing numbers higher.
There were enough listings that expired and didn’t come back on the market, at least not yet, to bring the total number of residential properties available for sale lower this week. Inventory fell by 30 homes from last week’s close to settle at 1553 to finish higher than it was at this time last year by 211 homes. Single-family inventory slipped back below the 1000 mark after reaching new annual highs over the past couple of weeks. Today, there are 984 houses showing an active status within the city of Saskatoon, up from 840 a year ago. Condo selection sits at 442 for an annual increase of 30 homes.
Strong activity at the upper end of the Saskatoon real estate market kept the week’s price measures high. The average price, supported by a good handful of sales above $500K and one deal that wrapped up at close to a million dollars, came in about where it was last week at $360,226. Meanwhile, the median price paid for a Saskatoon home rose about fourteen thousand dollars to $356,450. Looking to the longer term measures, we see the six-week average price of a Saskatoon home edging lower, down just a few hundred from last week to $357,612 for an annual gain of about 22K. The four-week median price increased by fifty-five hundred over last week and closed at $337,500 to claim a slight increase (two thousand dollars) over where it sat a year ago.
Overbid activity continued to cool but those that were into it came on strong. Just two sales closed higher than the seller’s asking price, one of those at $26,000 above, to produce an average overbid of $15,550. On the flip side, 61 buyers managed to grind out a deal that provided a discount averaging $10,485. Another five buyers offered to pay full price.
Other notable real estate activity this past week included 67 cancelled and withdrawn listings (62 and 5 respectively), 73 expired listings and 62 price changes.
Highlights from the news this week
High number of homes for sale in Saskatoon - Star Phoenix
Why the Bank of Canada will keep rates low - Canadian Real Estate Association
Why real estate gains in Canada aren’t as healthy as they seem - Financial Post
House prices in Canada’s major cities setting hot pace, but for how long?- Globe and Mail
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Norm Fisher
Royal LePage Saskatoon Real Estate