Saskatoon real estate sales continued to show year-over-year increases for the third consecutive week as local agents reported a total of 79 single-family home and condo sales to the multiple listing service®, down seven from the previous week but ahead of the same week last year by 14.
New listings continued to come on to the market at a pace which is fairly typical for this time of year. Saskatoon real estate agents added 123 homes to the MLS® system this week, down just four from last week. That’s seven fewer than were listed over the same period of time last year.
The total inventory of Saskatoon homes for sale grew on a weekly basis, albeit slightly to close the week down on a year-over-year basis. Today’s totals show 1043 active MLS® listings in the residential category, up just six from last week and down by 26 on an annual basis. A closer look at the two major housing types within the residential category shows condo inventory slipping from 349 at this time last year to just 302 today, a fairly substantial decline. At the same time, the supply of available single-family homes has increased marginally to 658 from 636 a year ago.
This week’s sales saw the average price paid for a Saskatoon home slip lower to $328,628 even as the weekly median surged ahead by twenty-one thousand dollars to reach $329,000. Meanwhile, the six-week average price inched lower on a weekly basis losing a little less than a thousand dollars to finish at $331,846 to claim an annual gain of nearly fourteen thousand dollars, one of the smallest year-over-year increases we’ve seen in awhile. The four-week median price moved in the opposite direction to finish the week at $319,000 for a weekly increase of twelve thousand dollars and an annual gain of nineteen thousand dollars, for the largest year-over-year increase in six weeks.
Overbid Saskatoon real estate sales had their strongest showing this year as eight lucky sellers managed to close a sale above their full asking price by an average of $4,650. Another nine couldn’t complain about the full price offer that they received and accepted. The other 62 sellers who managed to place a sold sign on their MLS® listed home had to take a seat at the negotiating table and give up an average of $7,511 to close the deal.
Other notable MLS® activity this week included 26 cancelled and withdrawn listings, seven expired listings and 34 price adjustments.
Highlights from the news this past week
There’s not going to be a housing crash - Moneysense
House prices to remain tepid - Globe and Mail
No crash in store for Canadian housing market: Scotiabank - Financial Post
Flaherty blasted for pressuring Manulife to pull low-rate mortgage - Financial Post
Ottawa to limit taxpayers exposure to mortgage market - Globe and Mail
Younger Canadians pessimistic about ability to own a home, poll shows - Financial Post
Chinese buyers enticed by Saskatoon real estate market - Star Phoenix
A map displaying the boundaries of Saskatoon real estate areas is here.
An overview of data collection and calculation practices for our statistical reports is here.
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I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here.Please feel free to call or email.
Norm Fisher
Royal LePage Vidorra
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