For the second week in a row, we saw the number of Saskatoon homes that sold through the multiple listing service® slip lower. This week, sales came in at 83 units, the lowest number for any week since the first week of February. We were down just two sales from last week but lower annually by 21.
The new listing activity also continued to cool. This past week, just 186 Saskatoon homes hit the MLS®. That’s down 21 units from last week and lower by ten when compared against the same week last year.
The total number of homes for sale on the MLS® grew for the second consecutive week to reach 1412, up 11 from last week’s close, and down by 124 from where the numbers stood a year ago.
Today, there are 751 single-family homes for sale on the system, up 11 from last week, and lower by 109 units when compared against the close of the same week last year. Additionally, there are 585 Saskatoon condos for sale. That amounts to a gain of six from last week and it’s down seven from a year ago.
As we very clearly move into a softer season for sales, the number of sales over the past 30 days fell sharply for the second consecutive week, this week falling to just 424, down 45 (10%) from last week.
With a slightly higher listing inventory and significantly fewer sales, conditions improved substantially for buyers, even as two of the three categories that we report on remain in seller’s market territory.
Here’s what “months of inventory” look like across the broader market, and by category.
All residential - 1412 active listings / 424 sales = 3.3 month supply (up 0.3 months from last week, now up 0.5 months in two weeks)
Single-family homes - 751 listings / 266 sales = 2.8 month supply (up 0.3 months from last week, now up 0.5 months in two weeks).
Condos - 585 listings / 133 sales = a 4.4 month supply. (up 0.5 months from last week and now up 0.7 in two weeks).
The weekly median price bounced back from $310,000 last week to $330,000 this week while the average sale price for the week slipped lower from nearly $350,000 to $328,529.
Meanwhile, the six-week average price fell lower, dropping almost two thousand dollars from last week to settle at $352,856. That’s higher than it was a year ago by roughly $2,500. The four-week median price that had been in a free fall for 15 weeks stayed stable for the third week in a row. It ticked up just a thousand dollars from last week to $325,000 which is lower annually by 15K.
The number of homes that sold for more than the asking price fell by one on a weekly basis. Those 11 home sellers sold for just $3,348 more than the asking price, the lowest average overbid for many months. Another 64 sellers gave up a bit at the negotiating table to close a sale below their asking price, on average by $7,159.
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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