While the number of new residential listings dropped by 17 homes compared to last week they continued to make large gains on an annual basis for the eighth consecutive week. This week, 161 houses and condos were listed for sale on the Saskatoon multiple listing service® to finish ahead of the same week last year by 23 homes.
At a time of the year when total active MLS® listings are typically falling, the inventory inched higher for the second week to close at its highest point in the past five years. A search of today’s active MLS® listings shows 1378 properties in the residential category, 16 more than there were at the close of the previous week and up by 179 homes from this time in 2012. The only time they reached a higher level for this particular week was in 2008 when inventory really swelled for awhile. That week, they actually peaked for the year at 1758 homes. Taking a closer look at the major housing categories, this week’s numbers include 851 singe-family homes and 418 condos. At this time last year single-family homes stood at just 736 units while condo inventory came in at 391.
This past week, prices slipped lower in each of the four categories that we track. The weekly median price slipped $4,500 from the previous week to $328,500. Meanwhile, the average selling price of a Saskatoon home tumbled a little harder sliding about thirteen thousand dollars to $340,628. The six-week average price slipped the least dropping by just a few hundred dollars from last week to $342,572 for an annual gain of just five thousand dollars. The four-week median price slipped close to six thousand dollars on a weekly basis closing at $327,450 to record year-over-year growth of nine thousand dollars.
Overbid sales were few and far between with just three Saskatoon home sellers accepting an offer above their asking price. They certainly did alright picking up a bonus of an extra $12,400. Meanwhile, nine other buyers agreed to give a seller all they were asking for their home. Finally, 72 buyers came away from the negotiating table having ground themselves a bit of a discount that averaged $9,383.
Other notable MLS® activity this week included 60 cancelled and withdrawn listings, 19 expired listings and 56 price adjustments.
Highlights from the news this past week
CREA hikes housing forecast after jump in home prices - Globe and Mail
Canadian home prices to drop 15% on back of rising rates: Sun Life - Financial Post
Consumers turned around housing market - National Post
Rosenberg on Canada: ‘So much for the housing bust’ - Globe and Mail
CREA: Canada’s home sales beat expectations as buyers move to lock in low rates - Financial Post
How farmland became Canada’s hottest real estate market - Globe and Mail
Debt-to-income measure hits record high as mortgage borrowing hikes- Financial Post
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Norm Fisher
Royal LePage Saskatoon Real Estate
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