New listings of houses and condos moved in the opposite direction growing by 16 when compared against numbers recorded over the previous week. Local agents added 189 properties to the Saskatoon MLS® system this week eclipsing units listed over the same period a year ago when just 160 Saskatoon homes were added to the system.
The inventory of active residential real estate listings on the Saskatoon multiple listing service® headed higher once again growing by 37 units to 1406. As you know, if you’ve been following our weekly reviews, that’s as high as it has been at this time of the year since 2009 when listings hit 1472 during this particular week. That year, listings continued to grow until mid-May when they peeked and began their descent. This year’s numbers are well up from where they were one year ago when they were at just 1150. Today’s totals show 860 single-family homes showing as active on the system, up from 685 last year. Condo inventory is at 437 today, up from 370 a year ago.
A little more activity at the upper end of the Saskatoon real estate market brought the median sale price of a local home back up to $347,500 after it fell below $330K last week. The average sale price for the week moved in the same direction, though much more modestly as it fell just short of $350,000. Meanwhile, both of our longer term measures slipped lower this week. The six-week average price slid just over a thousand dollars to $353,720 to finish ahead of the same week last year by about eight thousand dollars. The four-week median price dropped fourteen hundred from last week to settle at $347,500 for an annual increase of a bit more than 15K.
Overbid sales were recorded on five of this week’s transactions. Each seller averaged an additional $2,620 on top of what they were asking. At the other end of the negotiating table, 70 buyers managed to get a discount off of the seller’s asking price that averaged $10,405. The remaining 16 deals closed at the list price.
Other notable MLS® activity this week included 61 cancelled and withdrawn listings, 11 expired listings and 42 price adjustments.
Highlights from the news this week
Remax forecasts six percent rise in Saskatoon - Star Phoenix
Three key questions about Canada’s new mortgage rules - Globe and Mail
New mortgage guidelines push CMHC to embrace insurance basics - Financial Post
Be careful before you break that mortgage - Financial Post
Housing market off to a sluggish start as spring selling season begins - Globe and Mail
Real estate sector applauds new mortgage rules - Globe and Mail
Canadian home sales up 5% from a year ago but below 10-year average- TeamFisher.com
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