After three weeks of growth culminating in a new annual peak, Saskatoon real estate sales fell lower to 109. That’s down from the previous week by 37 and lower annually by 28.
The new listing activity headed south for the second week in a row to 209, down from 218 last week, and lower on a year-over-year basis by 46.
The number of Saskatoon homes showing an “active” status grew again for the seventh consecutive week, adding ten from last week’s close reaching 1149. That’s 411 fewer residential listings than could be found on the MLS® at the same time last year.
The number of single-family homes for sale grew for the third week in a row. At the close of the first week of May, the total inventory in this category was just 535. It has since risen to 625 for a weekly increase of 28, and an annual decline of 78.
Condo inventory remained steady on a weekly basis with 437 options, down 272 units from this time last year.
Once again, “months of inventory” grew in two of the three categories we track.
All residential - 1149 active listings / 534 sales = 2.2 month supply (up by 0.1 months from last week).
Single-family homes - 625 listings / 304 sales = 2.0 month supply up 0.1 months from last week).
Condos - 437 listings / 195 sales = 2.2 month supply. (down by 0.1 months from last week).
With 30 sales reporting at a price below the quarter-million-dollar mark and just a handful of deals at a price above $600K, the weekly median and average prices fell lower to $337,450 and $334,770 respectively.
Still, the six-week average price managed a new peak for the year at $375,070. That’s higher than it was last week by about two thousand dollars and lower annually by just under five thousand dollars.
The four-week median price also edged up growing by $1250 from last week to hit $355,000. That’s lower than it was a year ago by close to 15K.
The number of home sales that were reported to have sold for more than the asking price fell sharply from 48 last week to just 28 this period. On average, those sellers saw a hefty bonus of $17,675. Meanwhile, 70 of the week’s 109 sales reported a price that was, on average, $9,941 below the list price.
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 spent some period of time on the market, 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 at a price of $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. A description of the geographic boundaries of areas 1 through 5 is here.
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Norm Fisher
Royal LePage Vidorra
