A short work week did nothing to slow the flow of new listings this week. Saskatoon real estate agents wrote 159 brokerage agreements to top the previous week’s production by three, finishing the week ahead of the same period in 2012 by one property listing.
The total number of active listings in the residential category of the Saskatoon MLS® system slipped lower again. This week it fell by 20 units to 1269 to finish ahead of numbers seen at this time last year by 60 homes. It would appear that we have likely passed our peak weeks for new listings and I expect the trend will be downwards for the balance of the year. A search of the MLS® database this morning shows 759 single-family homes available for buyers, up just marginally from 737 a year ago. Condo inventory sits at 432, up close to ten percent from the same point in 2012 when it sat at 397 units.
More sales activity at the lower half of the real estate market brought the weekly median sale price lower than last week’s by eight thousand dollars. It came in at $325,000 this week. The average selling price of a Saskatoon home tumbled a little harder falling to $329,155 to make one of just a handful of appearances this year below the $330K mark. The six-week average price slipped about $700 from last week to $350,090 to finish ahead of the same week last year by about eight thousand dollars. Meanwhile, the four-week median price took it’s first upward swing in six weeks as it gained eight thousand dollars over the previous week to finish at $328,000 for an annual increase of sixteen thousand dollars.
Overbid sales fell from seven last week to just four. Those eager buyers paid an average of $2,544 more than the seller’s asking price to wrap up a deal. Another 15 buyers stepped up with a full price offer to secure the property they wanted to own. The remaining 64 of this week’s 83 firm house and condo sales closed with a below list offer that netted the buyer an average discount of $8,311.
Other MLS® activity this week included 40 cancelled and withdrawn listings, 38 expired listings and 47 price adjustments.
I expect that the next couple of months will still bring some good opportunities for sellers who were slow to get their home on the market over the spring. Demand continues to be strong and rising interest rates are encouraging buyers with locked in rates to move more quickly.
Highlights from the news this week
Canada’s housing market shows signs of life - Financial Post
Buyers are back as Canada’s housing market defies doomsayers - National Post
Canadian housing market defies doomsayers with spring surge - Globe and Mail
Five reasons you don’t have to worry about a housing bubble - Business Insider
Canada’s housing boom pushes one in 10 Canadian families deep in debt - Financial Post
A funny thing happened on the way to the housing crash (it didn’t crash) - Globe and Mail
Douglas Porter: ‘We flatly reject’ sell-Canada narrative- Globe and Mail
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Royal LePage Saskatoon Real Estate