Meanwhile, new listings of houses and condosmoved in the same direction as local agents brought 165 houses and condominiums to the multiple listing service®, up ten from last week and ahead of activity recorded during the same week last year by a huge margin, 67 homes.
In spite of a big sales week, the massive number of new listings pushed inventory levels above the 1,300 mark to a new annual high. At the close of business yesterday buyers could find 1,323 residential properties showing an active status on the multiple listing service®, up 26 from a week earlier and ahead of levels recorded during the same week last yearby 266 homes. The MLS® inventory is clearly at its highest point for this time of year in a long time and the spring time additions seem to be coming a bit quicker than usual. The annual gains are widening a bit each week. It will be interesting to see where it goes. A search of today’s active inventory shows 802 single-family homes and 422 condos. Last year at this time those two categories of Saskatoon housing stood at 655 and 319 respectively.
Entry level buyers made a strong showing this week and pushed the median price of a Saskatoon home lower by seventeen thousand dollars to $337,000. The average price for the week was down a bit less as it slipped about 12K to $348,816. The six-week average price of a Saskatoon home inched lower by a bit more than two thousand dollars to settle at $355,588 and claimed an annual gain of twenty-four thousand dollars. Meanwhile, the four-week median price inched up to $348,450 to finish ahead of where it was at this time last year by thirty thousand bucks.
Overbid sales grew to five and the average overbid was up sharply to $6,780. Sales at the seller’s list price slipped lower to just 11. The remaining 83 Saskatoon home sales were recorded at a price below the seller’s list price with an average discount of $9,564.
Other notable MLS® activity this week included 45 cancelled and withdrawn listings, just four expired listings and 60 price adjustments.
Highlights from the news this week
Home buying has other related costs - Star Phoenix
Think tank says housing market won’t crash - Star Phoenix
Garden and garage suites getting closer - Star Phoenix
What bubble? Canadian’s have their mortgages covered - Financial Post
Mortgage brokers go the extra mile - Leader Post
Real estate bidding wars: It’s every man for himself - Financial Post
Superstitions can mean profits and loss in real estate - canada.com Here’s why paying off your mortgage isn’t always the best choice - Financial Post
New mortgage rate war looms as BMO cuts 5-year below 3% - Financial Post
Finance minister Oliver won’t meddle in mortgage market, for now- Globe and Mail
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