The Saskatoon real estate market continued to show signs of life this week even as the weather cooled. Local agents brought 68 firm house and condominium sales to the multiple listing service® . That number is down eight units from the previous week and up seven sales when compared against the same week last year. Meanwhile, new listings continued to show signs of slowing for the winter. Just 98 properties were offered up for sale on the system this week.
A good handful of MLS® listings which expired at the end of October brought the inventory of residential real estate listings on the Saskatoon multiple listing service® below 1100 for the first time since April of this year. As the week drew to a close buyers had a total of 1092 active property listings to choose from, down just 24 from last week’s close and below last year’s totals by 69 homes. Today’s search of Saskatoon homes for sale yields 662 houses and 351 condos showing an active status. Lat year at this time those two categories of Saskatoon housing sat at 698 and 390 respectively.
The median sale price (price point at which half of all sales eclipsed, and the other half fell below) of a Saskatoon homes spiked nearly 45K to $346,000. The average sale price followed along moving higher than the previous week by forty thousand dollars to close at $359,622. The six-week average sale price saw its largest increase in months as it surged higher by more than ten thousand dollars to reach $336,569, up from $325,972 a year ago. The four-week median price inched up gaining two thousand dollars over the week to hit $323,200. That’s up about twelve thousand dollars from the close of the same week last year.
After two weeks without a single overbid sale, this rare beast made a bit of a comeback as six Saskatoon home sellers netted a higher sale price than they had been asking by an average of $5,467. Another 13 buyers offered full asking price for the home that they bought while 50 of this week’s sales wrapped up at the negotiating table and netted the buyer an average discount of $8,198.
Other notable MLS® activity this week included 33 cancelled and withdrawn listings, 62 expired listings and 32 price adjustments.
Highlights from the news this past week
How house prices depend on demographics - Financial Post
Using your home as a nest egg is risky business: BMO - Globe and Mail
House flippers beware: You can’t always sell your residence tax free - Globe and Mail
Buffet bets on housing recovery - Star Phoenix
Dundee bets on Canada’s housing market with new deal - Financial Post
Canada’s housing market: Is it cooling or crashing - MacLean’s
Buffet teams up with Brookfield on huge bet on US housing - Financial Post
More employment records set in Sask in October - Gov’t of Saskatchewan
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An overview of data collection and calculation practices for our statistical reports is here.
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Norm Fisher
Royal LePage Vidorra