On the heels of an all-out record sales week, the Saskatoon real estate market saw sales numbers slide to their lowest level since mid-March when things were just beginning to heat up in a serious way. This week, 111 Saskatoon homes were reported to have been firmly sold, lower by 55 units from the last period, and down from the same week last year by 17. This is the first week during which sales were lower on a year-over-year basis since June of 2020.

The trend towards fewer new listings continued, now for the sixth consecutive week as just 191 Saskatoon homes were offered for sale on the multiple listing service®. That is 33 fewer homes than were put on the market last week, and the smallest number of new listings for any week since mid-March. New listings peaked at 293 six weeks ago and have been in steady decline since then.

 

The number of residential listings showing an “active” status on the MLS® remained stable. We finished the week at 1493 homes, down just two from last week, and lower annually by 85.

Today, buyers have 735 single-family homes to consider. That’s 19 more than we had a week ago but lower annually by 171. Additionally, there are 652 condos for sale in Saskatoon, down 25 from last week and up 55 from the close of the same week last year.

The number of homes to sell over the past 30 days slipped lower for the first time in a month to settle at 595. That’s still a huge increase from what we would have expected in any previous year, but it’s down 25 from last week. Weaker demand and a stable supply brought modest improvement in conditions for buyers, but not likely enough that it will be immediately apparent. It continues to be a tough go for those shopping for a home.

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

All residential - 1493 active listings / 595 sales = 2.5 month supply (up from 2.4 last week and still very much a seller’s market)

Single-family homes - 735 listings / 371 sales = 2 month supply (up from 1.8 last week. Seller’s market conditions but the largest supply we’ve seen in months).

Condos - 652 listings / 175 sales = 3.7 month supply. (Down from 4.0 months from last week and now into a seller’s market).

Strong sales below the quarter-million-dollar mark and a weaker showing of home buyers at price points above $700K brought the weekly median price and the weekly average price lower to $340,000 and $349,904 respectively.

The six-week average price, which reached an annual high last week, slipped lower by about $10,000 to $371,664. That’s still up annually by thirty thousand dollars. The four-week median price fell a thousand bucks from last week to $356,700 which is higher on a year-over-year basis by 36K.

This week, there were 19 sales that closed at a price that exceeded the seller’s asking price by an average of $15,010. That’s a substantial increase from most weeks that have averaged closer to $10,500 lately. The vast majority (87 of 111) of the week’s sales recorded a sale price that was less than the asking price by an average of $11,449.

Once again, most of the overbid activity was focused on more expensive homes. This week, there was only one overbid below the $330,000. The other 18 were at or above that price.

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