Saskatoon home sales slipped lower on a weekly basis while continuing to show annual gains for the fifth consecutive week. Saskatoon real estate agents brought 98 house and condo sales to the local MLS®, lower than the previous week by 18 units but up on sales reported the same week last year by 13.
The number of new listingsadded to the multiple listing service® database also fell this week, much more sharply than sales. Agents brought 181 new listings to the system, 60 fewer properties than were listed last week but well ahead of the same period of 2013 when 158 Saskatoon homes were offered for sale.
The total number of residential listings showing as “for sale” on the Saskatoon multiple listing service® rose again, as it has in all but four weeks this year. Active listings jumped to 1543 for a weekly gain of 37 homes to close ahead of levels recorded a year ago when just 1219 properties could be found on the system. Today’s totals show 938 single-family homes, up from 733 a year ago. Condo inventory has risen by 86 units over the same period of time and sits at 478 today.
The average sale price of a Saskatoon home took a pretty solid slide for the fourth week in a row falling more than 10K to $344,349. This was largely due to more activity on entry level homes which also ushered the weekly median lower by roughly nine thousand dollars to $332,675. Both of our longer term measures hardly moved from the previous week. The six-week average price inched up just a few hundred dollars to $351,139 for an annual increase of less than two thousand dollars. The four-week median moved higher by just one hundred dollars for the week to close lower than it was at this time last year by nearly four thousand dollars.
Overbid sales fell from ten last week to just four. Those deals closed at an average of $12,950 more than the asking price, mostly due to one crazy overbid of more than 50K, numbers we haven’t seen in a long time. Eight more buyers closed a deal at the full asking price while 86 of this week’s closed deals went below asking price with an average discount of $7,928.
Other notable activity through the Saskatoon multiple listing service® included 49 cancelled and withdrawn listings, 9 expired listings and 53 price changes.
Highlights from the news this week
Canada’s housing bubble fears due to ‘wildly inaccurate estimates’: economist - Yahoo Finance
The renter’s guide to successful investing - Globe and Mail
Slowdown, but no housing collapse: CMHC - CTV News
CMHC probes how bank of mom and dad may be skewing the real estate market - The Star
Carney shrugs off worries about Canada’s housing market - Globe and Mail
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Norm Fisher
Royal LePage Vidorra