As thoughts of gift-giving, holiday cheer, and family meals intensify, shopping for a new home typically finds a much lower spot on the to-do list.
This week, Saskatoon real estate agents reported just 67 firm residential trades to the MLS®, the smallest number for any week since the first week of January. That’s down eight from last week and a drop of three when compared to sales for the same week last year.
The number of new listings added to the system grew to 97 this week, up by seven from last week. Over the same period last year, just 70 new listings were added to the database of Saskatoon’s multiple listing service®.
The inventory of Saskatoon homes for sale on the MLS® declined for the 13th consecutive week, this time falling to 939. That’s down 33 units from last week’s close and lower annually by 129 homes.
Today, home buyers can find just 422 single-family homes on the MLS®, a drop of 20 from last week, and lower on a year-over-year basis by 72. There are 449 condos available today, 12 fewer than could be found at the close of the previous period, and lower annually by 66.
30-day sales continued to trend lower, this week falling to 354 from 369 last week. Here’s what “months of inventory” look like today.
All residential - 939 active listings / 354 sales = 2.7 month supply (up 0.1 months from last week and the second consecutive move in that direction)
Single-family homes - 422 listings / 242 sales = 1.7 month supply (the same as last week and at low for the year).
Condos - 449 listings / 92 sales = a 4.9 month supply. (up 0.1 from last week and now right in the middle of what would be considered “balanced” market conditions).
A bit more action at price points below the 300K mark brought both the weekly median price and the weekly average lower to $336,000 and $367,954 respectively.
After reaching a new high point for the year last week, the six-week average price of a Saskatoon home slipped modestly lower to $379,570. That’s down by almost two thousand dollars on a weekly basis, but up annually by just over 40K. Meanwhile, the four-week median price fell just over two thousand dollars from last week to settle at $357,750 to finish the weekly higher on a year-over-year basis by about $20,000.
Seven lucky sellers wrapped up a deal that netted them an average bonus above their asking price of a whopping $13,321. Another 51 transactions were reportedly closed at a price that was below the seller’s asking price by an average of $13,478.
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.
More weekly stats and numbers for those who love them.
It’s my intention to write the week in review next week as I have done now for 771 consecutive weeks. I will post it on the 26th, however, I will not do a video recap for next week’s activity.
For those of you who celebrate the holidays in one way or another, I wish you and yours peace and joy as you do.
Thanks again for reading.
TeamFisher.com hosted over 450,000 user sessions in the past year and displayed more than four million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
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