Have you seen the movie Groundhog Day? Well, this was groundhog week for the Saskatoon real estate market which performed at about the same level as the previous week for new listings and home sales. Local agents reported 69 house and condo sales to the Saskatoon multiple listing service® to match last week’s production. Those numbers did outperform the those reported during the same week a year ago when just 55 buyers and sellers firmed up a deal on a Saskatoon home. New listings came in at 99 for the week, up one from the previous week but ahead of the same period last year when just 83 properties came on the market.
The inventory of Saskatoon MLS® listings in the residential category continued to trail lower for the fourth consecutive week. It fell by 17 units compared to the close of the previous week and reached 1075, lower than it was at this time a year ago by about 100 homes. Today’s inventory shows 642 single-family dwellings (houses) and just 346 condos, down from 701 and 402 a year ago.
Fewer high end home sales saw the median sale price of a Saskatoon home fall more than $20K this week to $322,300. The average sale price slid nearly twice as much closing the week at $325,282. Meanwhile, the six-week average sale price managed a bit of an increase as it climbed nearly four thousand dollars compared to the previous week to reach $340,326. That number is just shy of being ten thousand dollars up on the same week last year. At the same time, the four-week median price fell by just more than three thousand dollars over the course of the week. It finished at $319,500 for a year-over-year increase similar to that of the six-week average price.
Overbid sales fell lower again as just two Saskatoon home sellers managed a bidding war to jack up the final price of their sale. Those deals averaged a bonus of $5,700 for the seller. Another nine sellers found a buyer willing to pay their full asking price while 58 of this week’s 69 sales required some give and take with the buyer netting an average discount of $9,755.
Other notable MLS® activity this week included 46 cancelled and withdrawn listings, 14 expired listings and 35 price adjustments.
Highlights from the news this past week
Canada braces as housing slowdown takes hold - Financial Post
Will inflation keep boosting house prices? Don’t bet on it - Globe and Mail
Canada housing starts to moderate, resales stable: CMHC - Reuters Canada
Canada’s home prices seen falling but no U.S. style collapse - Globe and Mail
Canada’s home prices seen falling, not crashing - Financial Post
Household debt growth at ten year low: Are we getting the message? - Globe and Mail
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An overview of data collection and calculation practices for our statistical reports is here.
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Royal LePage Vidorra