On the heels of our second strongest sales week this year, Saskatoon real estate sales fell lower to 106, down from 124 last week and down annually by 24. So far this year, sales have fallen lower on a year-over-year basis in 14 of 17 weeks.
The number of homes listed for sale in on the Saskatoon MLS, meanwhile, has slipped lower annually in all but one week this year. This week, local REALTORS® added 174 Saskatoon homes to the MLS® database. That’s down just three from last week but lower than the same week last year by 49.
It’s no surprise that the inventory of active MLS® listings grew just modestly. As of this morning, Saskatoon home buyers could find just 1033 Saskatoon homes for sale, for a gain of eight units from last week’s close, and down on a year-over-year basis by 336 units.
Over the course of the last 52 weeks, we’ve seen single-family homes inventory tumble from 652 to 537 today. The number of condos for sale has fallen further from 642 to just 423.
After months of continuous growth, 30-day sales reached a new peak last week of 498, and then fell lower to 492 units this week.
“Months of inventory” was unchanged in two of the three categories we track.
All residential - 1033 active listings / 492 sales = 2.0 month supply (the same as last week).
Single-family homes - 537 listings / 289 sales = 1.9 month supply (up by 0.1 months from last week and growing for the second consecutive week).
Condos - 423 listings / 178 sales = 2.4 month supply. (same as last week, and at levels not seen since 2008).
With far less activity in the luxury home market, both the weekly median price and the average price fell lower to $345,200 and $349,179 respectively.
The six-week average price slipped off of its annual peak this week as it fell by about a thousand dollars to settle at $370,642 which is up a little more than four grand from the close of the same week last year.
The four-week median price continued on its upward path and grew by just under four thousand dollars from last week to reach a new annual high of $362,867. That’s lower than it was at this time last year by thirty-six hundred dollars.
This week, the number of Saskatoon homes that sold over the asking price remained steady at 31, in spite of sales slipping 15 percent overall. On average, those sellers saw a bonus of $17,142 with the largest overbid coming in at whopping 80K.
Meanwhile, 58 of the week’s 106 sales sold for less than the asking price by an average of $10,169.
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.
More weekly stats and numbers for those who love them.
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