Saskatoon real estate agents had a busy week with a seasonally appropriate number of sales and an insanely brisk flow of new listings being added to the MLS® system. A total of 98 house and condo sales were processed over the course of the week, up 30 from last week and ahead of the same period last year by eight sales.
New MLS® listings numbersspiked higher than the previous week by 52 homes as local agents brought a total of 218 house and condo listings to the system for an increase of 40 when compared against the same week last year.
Given the disparity between the number of sales and new listings that came onto the system it should come as no surprise that the inventory of MLS® listings available to Saskatoon home buyers spiked again and reached 1593 to come very close to hitting a new peak for 2014. Currently, there are 994 single-family homes for sale in Saskatoon, up from 815 a year ago. Condo inventory sits at 472, ahead of where it was at this time last year when it sat at 415 units.
With 13 sales below 200K in the mix both the average price and the median price of a Saskatoon home both slipped lower to $346,354 and $340,950 respectively. The six-week average price followed in the same direction as it shed a little more than five thousand dollars when compared against last week to finish at $352,078. That amounts to a year-over-year increase of nearly nine thousand dollars. The four-week median price remained steady on a weekly basis at $337,500 to finish the week just marginally higher than it did a year ago when it was $333,000. Note that both the six-week average and the four-week median are back to about where they were in the middle of May before the typical spring run up began.
Overbid activity grew to three homes with an average bonus of $3,434 being paid to the seller. Another 12 deals closed at the full asking price while 83 buyers made off with a discount averaging $8,077.
Other notable real estate activity this past week included 77 cancelled and withdrawn listings (73 and 4 respectively), 22 expired listings and 65 price changes.
Highlights from the news this week
BMO offers 2.99 percent mortgage rate, again - Star Phoenix
Fewer Saskatoon businesses expect to hire in Q4/2014 - Star Phoenix
Thinking about a move up buy? New study says you can’t afford it - Financial Post
Housing starts data underscores east/west wealth divide - BNN
CMHC could force banks to pay mortgage insurance deductibles - Financial Post
Move up market takes a hit as prices swell- Globe and Mail
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Norm Fisher
Royal LePage Saskatoon Real Estate