Saskatoon real estate agents reported 91 residential sales to the multiple listing service® this past week, up from 85 the week before, and lower annually by five sales.
The new listing activity softened as just 162 Saskatoon homes were listed for sale, which is lower on a weekly basis by 14, and down from the same week last year by six.
After growing over the past two periods, the number of residential listings showing an active status on the MLS® system turned lower to 1269, down by 17 from the week before, and lower annually by 186.
As of the close of business Friday there were 728 single-family homes for sale, four fewer than the previous week’s close and lower annually by 51. Condo inventory had fallen to 441 for a weekly drop of 13 and an annual decline of 156.
Let’s take a look at “months of inventory” (MOI) which gives us a better understanding of the current supply and demand dynamic.
There have been 419 residential sales recorded through the multiple listing service® over the past 30 days. That’s down from 444 last week and is it the lowest level recorded since the week of March 12. This downward trend is normal. It’s a pattern that repeats every year. This number will continue to fall lower for the rest of the year.
All residential - 1269 active listings / 419 sales = 3.0 month supply (up 0.1 months from last week).
Single-family homes - 728 listings / 267 sales = 2.7 month supply (no change from last week).
Condos - 441 listings / 134 sales = 3.3 month supply. (up 0.4 months from last week, now higher for the third week in a row, and up a full month over those three weeks).
While MOI remains firmly in seller’s market territory we are seeing slow and steady improvements that appear to be taking us back in the direction of a more balanced environment.
With nearly a third of all sales being condos, both the weekly median price and the weekly average sale price of a Saskatoon home fell lower to $372,500 and $385,567 respectively.
The six-week average price grew for the second week in a row to reach $373,949. That’s up from the week before by $3,500 and higher than it was at the close of the same week last year by about 19K.
The four-week median price grew for the third consecutive week, this period reaching $365,950. This measure is up by a bit more than 14K on a weekly basis and higher annually by 30K.
The number of Saskatoon home sellers who managed to close a sale at a price that exceeded the asking price grew to 17, and the average overbid jumped to $13,917. Meanwhile, 71 sales were reported to have sold at a price that was below the list price by an average of $13,467.
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.
More weekly stats and numbers for those who love them.
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