New listings also increased sharply as a total of 169 houses and condos were added to the MLS® system over the course of the week, up 38 units from the previous week and closing well up on the same week a year ago by twenty-five homes.
Total active residential listings on the Saskatoon multiple listing service® took a big leap higher this past week, a pretty unusual happening at this time of the year. The database of active listings grew by 51 homes over the past seven days to 1365 and finished up on levels recorded a year ago by 124 properties. We currently have a higher number of MLS® listings than we’ve seen at any point in the past two years. A search of today’s active listings delivers 830 single-family homes for buyers to choose from, up from 767 one year ago. Meanwhile, condo listings have increased 30 units from a year ago to 436.
The average sale price of a Saskatoon home edged higher again this week and reached $352,082 while the median price (the point at which half of all sales were above and hald were below) edged lower to $340,000. The six-week average price edge higher for the first time in three weeks gaining about thirty-seven hundred dollars over last week to hit $346,212 for a year-over-year increase of roughly eight thousand dollars. The four-week median price finished five thousand dollars higher than it was last week at $333,000 to see an annual increase of just seven thousand dollars.
The number of overbid sales doubled compared to last week, which sounds impressive until you realize that the total number was just four. Those buyers placed offers that exceeded the seller’s asking price by an average of $6,800. The number of seller’s who found a buyer willing to pay their full asking price was pretty high at 27. The remaining 67 deals that closed this past week concluded at the negotiating table with the buyer netting an average discount of $8,786.
Other MLS® activity this week included 54 cancelled and withdrawn listings, 19 expired listing and 62 price adjustments.
Highlights from the news this week
Canada’s housing market still running hot - Globe and Mail
Is Canada’s housing market starting to overheat again? - Globe and Mail
Canadian banks could weather a housing crash - Financial Post
Interest rates spike to two-year high - Globe and Mail
Canada’s housing market: The one that no one can predict - Financial Post
Canada’s Goldilocks housing market: ‘Balanced and well-behaved’ - Globe and Mail
Strong home sales in Vancouver and Toronto suggest market is stabilizing- Financial Post
Flaherty cooled the housing market without dousing it - Globe and Mail
Canadian home sales gaining momentum - Globe and Mail
Saskatoon house sales rebound in July - Star Phoenix
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Royal LePage Saskatoon Real Estate