At a time of the year when sales declines are typically expected, Saskatoon real estate agents reported a growing number of houses and condos changing hands for the third consecutive week. This week, we hit the triple digit mark again as 100 condos and houses were reported sold to the Saskatoon multiple listing service®, up seven from the previous week to eclipse sales for the same period last year by 11 homes.
New listings continue to bounce up and down, as the number of listings added to the MLS® system slipped by 48 compared to last week and fell to just 153, about even with the number added during the same week of 2013.
After growing slowly but steadily for two months straight and managing to get above the 1600 mark over the past week, the total number of active listings on the Saskatoon MLS® took a dip to settle at 1583 today, down 15 from last week’s close, up 227 units from where we sat a year ago. Today’s totals by category show exactly 1,000 single family homes being available to buyers, up from 835 on this date last last year. Condo inventory is currently at 448 units, up from 415 a year ago. Nearly 60 listings are set to expire over the long weekend. Assuming that the majority of those don’t step forward for another run at the market we should see a larger decline in inventory numbers next week.
A slightly larger percentage of higher end home buyers pushed the median price of a Saskatoon home higher this week to $342,500. A single sale that broke $1.3 million bolstered the weekly average price too as it surged higher by more than 20K to reach $359,764. That was enough to push the six-week average price paid for a Saskatoon home up more than four thousand dollars compared to the previous week. It closed at $358,311 for an annual increase of nineteen thousand dollars. The four-week median inched lower dropping thirty-five hundred in a week to settle at $332,000 and reached its lowest point since February, actually down about five thousand dollars from the close of the same week last year.
The activity in the overbid arena looked much like last week as just three sellers bagged an offer above their asking price. The average overbid came in near the two thousand dollar mark. On the other side of the negotiating table, 85 buyers made off with a discount averaging $9,281. Another 12 Saskatoon home sales closed at the full asking price.
Other notable real estate activity this past week included 70 cancelled and withdrawn listings (50 and 20 respectively), nine expired listings and 68 price changes.
Highlights from the news this week
Canadian banks ‘feel good’ about prospects for mortgage business - Globe and Mail
Fears of overheating drive Canadian builders to look south - Financial Post
House prices keep rising but are more affordable due to cheaper debt- Financial Post
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