Saskatoon real estate agents had another strong sales week as a total of 84 house and condo deals were reported to our MLS®, down four units compared against the previous week and below sales recorded during the same week last year by one.
New listings slowed from last week slipping by fourteen properties to finish higher on a year-over-year basis, also by fourteen homes.
For the fourth consecutive week the inventory of Saskatoon homes on the multiple listing service® remained stable at 1199, further closing the annual decline of MLS® listings to just 93 properties, the smallest that it’s been since February of this year. At the close of the week, Saskatoon home buyers had 736 single-family homes and 391 condos to choose from. Last year at this time, those two categories showed units 772 and 458 respectively.
Following on a tumble of roughly ten percent last week, the weekly median price of a Saskatoon home slipped even further to just $300,000 as the average sale price of a Saskatoon home plunged to its lowest point since March and reached $306,539. The six-week average price edged lower again, dropping about eight thousand dollars from last week to $337,710 to maintain an annual increase of more than thirty thousand dollars. The four-week median price slipped close to seven thousand dollars compared to the previous week and finished higher than it was a year ago by just over $18,000.
Overbid sales made a significant comeback as eight home buyers paid a price greater than the seller had asked by an average of $5,886. Another seven sellers received a full price offer while 68 of this week’s 84 sales showed a price below the asking price by an average of $8,907.
Other notable MLS® activity this week included 35 cancelled and withdrawn listings, 21 expired listings and 42 price adjustments.
Highlights from the news this past week
Canada's housing market cools - Globe and Mail
CREA cuts home sales forecast for this year and next - Financial Post
What a softening housing market means for the Big Six - Globe and Mail
Housing correction underway in Canada, ‘soft landing’ likely: bankers - Financial Post
Housing market correction 'appears to be under way' - Globe and Mail
House price overvaluation fading: TD - Globe and Mail
Home prices see weakest August increase in 12 years - Globe and Mail
The real estate market shifts gear, but prices hold fast - Globe and Mail
Risk of Canadian housing bubble appears to be easing, Fitch says - Globe and Mail
Canada heading into a slow-motion version of the U.S. bust: Shiller - Financial Post
Single home buyers face greater headwinds than couples - Globe and Mail
Cooling Canadian housing market a good thing for banks: Fitch - Financial Post
Is Canada’s housing market cooling or crashing? - Globe and Mail
Housing market cool down widespread across Canada - Financial Post
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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
