Please note the addition of another chart to this week’s review. The final two charts in the post will look familiar to those of you who read our weekly review. We have now separated out the data so that the first of the two charts details single-family home sales activity while the second details condo sale data. As pretty much everyone buys or sells one or the other, this should provide a little additional insight that more relevant to each readers own home purchase or sale.
On the heels of two weeks that saw sales of single-family homes and condos exceed 100 units the Saskatoon real estate market cooled a bit this week as local agents reported just 89 firm deals to the local MLS®. That number falls shy of meeting last week’s totals by 14 but leaves us ahead of the same week last year by two bringing year-over-year gains for the seventh consecutive week.
New MLS® listingsshot higher with 222 properties (162 houses and 60 condominiums) being added to the Saskatoon multiple listing service® over the course of the week, a gain of 50 units compared to last week, up 24 when compared against the same week last year. Some changes occurred with the search functionality of our MLS® system last week. I’m a bit sceptical about the accuracy of these particular numbers but we’ll go with it until I’m certain there’s an issue.
As expected, a large number of expired listings that fell out of the system as the new month began brought total active MLS® listings lower for the second week in a row. As of today, there are 1551 residential properties showing an active status, down 46 from last week but up when compared against the same date last year by 162 homes for one of the smallest year-over-year gains recorded in the last two months. Today there are 973 single-family homes for sales, up from 863 a year ago. Condo inventory comes in at 443, ahead of last year’s number by about 29 homes.
A good measure of entry level home sales ushered the weekly median price lower to just $315,000 this week. The average sale price of a Saskatoon home followed along and slid lower to $347,235. Meanwhile, the six-week average price paid for a Saskatoon home made some gains finishing five grand higher than it was a week ago at $359,862 to close the week fifteen thousand dollars ahead of where it sat a year ago. The four-week median price lost about five thousand compared to the previous week to finish at $339,900 for an annual increase of just less than 10K.
Once again, overbid sales remained stable at just three. Thos three deals brought the seller an average bonus of $25,700 thanks to an almost unheard of overbid of $70,000 on one of this week’s condo deals. Another nine homes traded hands at full asking price, while 77 of the week’s 89 sales went below the seller’s listed price by an average of $10,073.
Other notable real estate activity this past week included 73 cancelled and withdrawn listings (64 and 9 respectively), 70 expired listings and 81 price changes.
Highlights from the news this week
Finance minister says major markets distorting housing numbers - Financial Post
Real estate market on pace for a hot start to autumn - Globe and Mail
First time buyers feeling weight of Canada’s housing boom- Financial Post
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I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
Norm Fisher
Royal LePage Saskatoon Real Estate
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