Saskatoon real estate sales failed to gain steam this week as just 50 homes were reported firmly sold to the multiple listing service®. That’s even with last week, and down 20 from the same week last year to mark the third consecutive week in which sales have fallen on an annual basis.
The new listing activity fell sharply lower to just 91 units this week. That’s down 40 units from the week before, and lower than what we saw over the same period last year by 24 homes.
The number of active listings on the multiple listing service® in Saskatoon grew again, now for the second week in a row. By the close of business Friday, local buyers had a selection of 864 residential properties showing an active status, up just nine from a week earlier, but lower annually by 154.
In the mix, we have just 388 single-family homes, one more than we had a week ago, and 63 fewer than could be found at this time last year. Additionally, there are 424 condos for sale in Saskatoon, which is higher by five from last week and down 85 annually.
30-day sales slipped lower again, this week falling to just 186, the lowest level in well over a year. Here’s what “months of inventory” look like today.
All residential - 864 active listings / 186 sales = 4.6 month supply (up 0.5 months from last week and now up for the seventh consecutive week.)
Single-family homes - 388 listings / 112 sales = 3.6 month supply (up 0.6 months from last week, and improving for the fifth week in a row).
Condos - 424 listings / 59 sales = a 7.2 month supply. (up 0.9 months last week and now well into buyer’s market territory).
Again, I sense that demand is looking a little weak because there are so few homes for sale.
You may recall that last week there was an unusually high level of sales at price points below $200,000. That dropped off considerably this period causing the weekly median price and the weekly average price of a Saskatoon to bounce higher to $326,500 and $335,534 respectively. Those numbers are still lower than what had been typical as 2021 was winding down.
The six-week average price fell lower for the sixth week in a row, this time slipping by just over $7,000 to $354,385. That’s still higher annually by ten thousand dollars. The four-week median price dropped 10K from last week to settle at $333,500 to grow annually by thirteen thousand dollars.
The number of Saskatoon homes to sell for more than the asking price dropped to five, from seven the week before. Those contracts saw an average overbid of $15,360, a number that was seriously skewed by a $36,600 overbid, and another at 25K. There were 42 sales reported to have sold below the asking price, on average by $12,061.
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 $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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