New listings also fell sharply with just 131 houses and condos being added to the Saskatoon MLS® system over the course of the week, the smallest number added since the last week of March. That number brings a weekly decline of 56 homes but is still well ahead of the 102 homes that were added to the multiple listing service® over the same period last year.
The total number of residential properties listed for sale on the Saskatoon multiple listing service® remained pretty steady at 1311, down just four homes from the previous week and up about 85 units compared to totals recorded at the close of the same week last year. Today, there are 803 single-family homes and 432 condominiums showing as “active” on the MLS®. This is the first week since mid February to show a year-over-year increase to the number of houses listed for sale in Saskatoon. Last year at this time there were just 758 houses available to Saskatoon home buyers. Condo inventory, on the other hand, has been showing year-over-year gains since the first week of June. This week, the total number of Saskatoon condos for sale on the MLS® system is up from 403 a year ago.
You may recall that the average sale price of a Saskatoon home plummeted last week due to an unusually high level of sales activity at the entry level of our market. That corrected itself this week and the average price jumped back up to more normal levels at $342,172. The median price paid for a local home followed suit regaining losses seen last week as it increased to $344,900. A strong weekly showing for prices did little for the longer term measures. The six-week average sale price of a Saskatoon home continued to trend lower slipping nearly five thousand dollars from last week’s finish to reach its lowest point on the price chart since the first week of April, actually closing the week down on an annual basis by about fifteen hundred dollars. The four-week median price squeaked out a small weekly gain picking up four thousand dollars to reach $328,000 to claim an increase of just one thousand dollars when compared against the same week last year.
Overbid sales almost disappeared from this week’s stats as just two home buyers offered to pay more than the list price of their chosen home. Those overbids were pretty soft as well showing an average win for the seller of an extra $550. Another eight buyers offered to pay full price, again, a weaker percentage of sales compared to what we are used to seeing. This week, 59 of 69 sales reported to the Saskatoon MLS system showed a sale price below the seller’s list price by and average of $8,075.
Other MLS® activity this week included 37 cancelled and withdrawn listings, 14 expired listing and 51 price adjustments.
Highlights from the news this week
Does Canada have too many home buyers - Financial Post
CMHC might not like this housing recovery: BMO chief economist - Financial Post
CMHC moves to take steam out of housing market - Financial Post
How home buyers will be affected by CMHC’s new cooling measures - Globe and Mail
Don’t try to time the real estate market - Financial Post
Canada’s drop in building permits nothing to worry about - Globe and Mail
Mortgage rates to rise slightly - Canadian press via Star Phoenix
Why one analyst thinks housing is having a ‘Wile E. Coyote’ moment - Globe and Mail
Builders bet housing boom is over as residential land investment falls - Financial Post
Top six real estate scams and how to avoid them - Globe and Mail
Nine steps to hep you win a real estate bidding war- Financial Post
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Royal LePage Saskatoon Real Estate