The Saskatoon real estate market continued to see stable and impressive sales numbers for a third consecutive week during a time of year when we normally expect to see declines. Local agents reported 103 firm sales of single-family homes and condos, the highest number for any week since early August for an increase of one when compared against last week, to finish with 27 more sales than we saw during the same week last year.
On the heels of a couple of unusually strong weeks for listing activity, at least for the fall season, the number of new MLS® listings added to the multiple listing service®fell lower to 172, down 43 from the previous week but still finishing higher that last year’s number when just 162 properties entered the system.
After pushing higher for two consecutive weeks the number of active MLS® listings on the Saskatoon multiple listing service® took a small drop falling from its new annual high of 1613 to finish the week at 1597, up about 200 homes when compared against levels recorded at the close of the same week last year.
I think it was back in mid-June when I said I thought we had probably reached our peak in inventory numbers for the year. As it turned out, we saw listings numbers stubbornly rise to new highs on three separate weeks since then. As we approach the close of September, I think it’s likely safe to say that the listing party is nearly over. Over the next few days 82 active MLS® listings are set to expire from the system. Some will renew or extend but I expect a good chunk of those sellers will assume that opportunity has passed them by for this year, even though sales numbers are amazingly strong. Clearly, a new strategy is likely key to finding success late this year but if it were me, I’d hang in while others leave the market. I think we likely have six weeks of strong sales ahead of us. If you’ve reached the end of your listing contract frustrated, call me, please. I’ll show you what needs to be done to finish the job this year.
For the record, the total number of available single-family homes sits at 1017, sharply higher than the 874 available at the same time last year. Condo inventory is showing 460 listings, up from 409 a year ago.
A little more activity in the entry level market (14 sales under 200K) helped bring the median price of a Saskatoon home lower this week to $339,000 while a handful of high priced sales (three above $700K) brought the weekly average higher to $365,280. The six-week average price of a local home grew just a bit to $354,401and finished the week about thirteen thousand dollars higher than it was a year ago. Meanwhile, the four-week median price inched lower to close down two thousand dollars in a week. At $345,000 the four-week median claims an annual increase of eighteen thousand dollars.
Overbid sales remained stable at just three. Those lucky sellers picked up all they were asking, plus an average bonus of $1,100. On the flip side, 977 buyers ground out a deal that resulted in a discount averaging $11,575 leaving eight others that traded at the asking price.
Other notable real estate activity this past week included 82 cancelled and withdrawn listings (74 and 8 respectively), 19 expired listings and 69 price changes.
Highlights from the news this week
No fear of housing bubble: CMHC - Globe and Mail
CMHC chief says housing agency considering passing mortgage risk to banks - National Post
Hilliard MacBeth sounds the housing crash warning- Globe and Mail
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Royal LePage Saskatoon Real Estate