Home sales reached their highest point for any week this year across this final full week of spring. Saskatoon real estate agents reported 149 firm residential trades, higher than the previous week by 26, and up annually by 38. This was just the fifth of 24 weeks this year that recorded some year-over-year sales gains.

After reaching an annual peak over the past two weeks, the new listing activity slipped lower as 228 home sellers put up a for sale sign. That’s lower by 18 when measured against the previous week and higher when compared to the same week last year by 37. This marks the third consecutive week in which new listings grew annually, something that has only occurred twice this year, prior to this run.

After nine weeks of slow but steady growth, the inventory of active Saskatoon real estate listings dipped lower as it dropped to 1223 from 1230 last week. At this time last year, there were 1493 Saskatoon homes showing an “active” status on the multiple listing service®.

A closer look by category shows 683 single-family homes for sale, up by ten compared to last week’s close, and lower than it was at the end of the same week last year by just 52 units. Meanwhile, condo numbers fell lower to 449, for a weekly drop of 19 and an annual dip of 203.

The number of Saskatoon homes that sold over the past 30 days grew again, this week hitting an all time high for the year of 558.

A decline in active listings and an increase in sales saw “months of inventory” deteriorate in all three categories that we track with condos seeing the largest change.

All residential - 1223 active listings / 558 sales = 2.2 month supply (down 0.1 months from last week).

Single-family homes - 683 listings / 322 sales = 2.1 month supply (down 0.1 months from last week).

Condos - 449 listings / 200 sales = 2.2 month supply. (down by 0.3 months from last week).

A huge week for condos, particularly units priced below $200K, brought the average and the median sale price for the week lower to $385,169 and $350,000 respectively.

After reaching a new record last week, the six-week average price inched down to $383,689. That’s lower than it was last week by about $500 and higher annually by twelve thousand dollars.

The four-week median price fell lower by $6,500 from the week before to settle at $355,000. That’s down by twelve hundred dollars, year-over-year..

The number of homes that were reported to have sold for more than the list price inched up to 43. On average, those deals paid the seller a bonus of $18,277 with the largest overbid coming in at $69,100. Meanwhile, 88 of the week’s 149 sales reported a price that was below the seller’s asking price by an average of $11,950.

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