Local home sales slipped lower for the second week in a row. Saskatoon real estate agents reported 112 firm residential sales to the MLS® this week, down 14 from last week, and lower than the numbers recorded over the same period last year when 119 homes traded hands.

Meanwhile, the new listing activity climbed, taking a big jump from 152 last week to 233 listings this period. That’s higher annually by 38. New listing numbers have been fairly erratic over the past few weeks with these wild swings from one week to the next.

The number of Saskatoon homes listed for sale on the multiple listing service® grew by 27 units this week to reach 1482 which is lower than it was at the close of the same week last year by 63.

Today, there are 618 condominiums showing an active status on the system, down one from last week, and up 30 annually. There are also 759 single-family homes for sale for a weekly increase of 23 and an annual decline of 95.

Thirty-day sales fell lower for the third week in a row, this week slipping by 24 units to 561.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1482 active listings / 561 sales = 2.6 month supply (up by 0.1 from last week and still very much a seller’s market)

Single-family homes - 759 listings / 342 sales = 2.2 month supply (up by 0.2 months last week. Seller’s market conditions).

Condos - 618 listings / 182 sales = 3.4 month supply. (same as last week and further into seller’s market territory that we have seen in years).

A massive showing of entry-level buyers brought the median price for the week sharply lower to $341,405. In spite of a couple of sales above the $1 million mark, the weekly average price also took a dive to $355,739.

Looking a bit longer-term, the six-week average took a trim and fell about $900 to $365,823 while maintaining a year-over-year increase of roughly 22K. Meanwhile, the four-week median, which has largely been in a free-fall for the past eight weeks, fell again to settle at $337,000. That’s lower than last week by eleven thousand dollars, and higher annually by just two thousand dollars.

For the second week in a row, the number of homes to receive an overbid sale price climbed slightly. This week, 19 lucky sellers closed a deal for more than their asking price by an average of $10,717. On the other side of the negotiating table, 87 buyers made off with a discount that averaged $9,641.

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. 

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Norm Fisher

Royal LePage Vidorra