On the heels of the strongest week for this calendar year, Saskatoon homes sales fell lower to 78, down from 92 last week, and lower on an annual basis by 16.
The new listing activity also dropped, now for the second week in a row as Saskatoon real estate agents added just 117 homes to the database of the multiple listing service®. That’s 18 fewer homes than hit the market last week, and down from the same week last year by 45.
The inventory of Saskatoon homes for sale on the MLS® grew modestly to 941. That amounts to an increase of 21 compared to the last week’s close and a year-over-year decline of 137 residential listings.
Today, we have 449 single-family homes showing an active status, up 25 from a week ago, and down annually by 15. Condo inventory fell lower this week, shedding 15 active listings to settle at 429. Last year, at this time there were 546 Saskatoon condos for sale.
30-day sales inched higher again, this week climbing to 339, up from 321 last week.
“Months of inventory” fell to new lows for the 2022 year, and fell further into seller’s market terrain in two of three categories.
All residential - 941 active listings / 339 sales = 2.8 month supply (down 0.1 months from last week).
Single-family homes - 449 listings / 201 sales = 2.2 month supply (up 0.1 months from last week).
Condos - 429 listings / 122 sales = 3.5 month supply. (down 0.6 months from last week and now a seller’s market).
This week’s sales include a higher than a typical number of condominiums sales with many posting a price between $100,000 and $200,000. This activity effectively pushed the median sale price for the week considerably lower to just $305,000. Even though there were ten sales above 500K and one above a million dollars, the average price for the week was also dragged lower by the condo sales as it fell 40K to $336,761.
After four consecutive weekly gains, the six-week average price slipped a few hundred dollars to $362,567 to finish the week up a little more than twelve thousand dollars from where it stood a year ago.
The four-week median price remained steady at $350,000 for the second week. That’s higher annually by 10K.
Despite lower sales this week, the number of homes that sold for an amount higher than the asking price grew from ten last week to 11. On average, those sales reported an overbid of $8,164. Meanwhile, 55 of the week’s 78 sales sold below the seller’s asking price by an average of $11,148.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over-list price sales, even when I have reported the number as 0. Those sales are typically new properties that had been on the market for a while, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells for $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.
More weekly stats and numbers for those who love them.
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