For the second consecutive week, Saskatoon real estate sales grew. Local agents reported 131 firm residential sales, up from 116 last week, and further ahead of numbers recorded over the same week last year when 113 Saskatoon homes were sold.
New listing activity remained high at 231 units, ahead of last week by just one, but higher annually by 40.
Active listing inventory slipped modestly as the total number of Saskatoon homes showing an active status on the MLS® dropped by 17 to 1454. That’s 69 fewer homes than were available on the system a year ago.
Today, condo inventory sits at 597 units, down from 608 last week, and higher annually by 25. The selection of single-family homes declined by five from last week to 780, now lower on a year-over-year basis by 86 listings.
For the second week in a row, the number of homes to have sold over the past 30 days grew, this week by 17 units to reach 506.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1454 active listings / 506 sales = 2.9 month supply (down 0.1 months from last week)
Single-family homes - 805 listings / 304 sales = 2.6 month supply (the same as last week).
Condos - 597 listings / 169 sales = a 3.5 month supply. (a large spike in sales numbers pushed MOI down by 0.5 months from last week).
An exceptionally strong week for condos priced at the lower end brought the weekly median price well lower this week to just $310,000. The weekly average sale price tumbled even more to $337,517.
Meanwhile, both of our longer-term price measures continued on a downward trend and hit their lowest point in months.
The six-week average price was $354,927 which is lower than last week by just a couple of thousand dollars, and lower than it was at the close of the same week last year, by about five hundred dollars. The four-week median price came in at $335,000. That’s down $8,000 from last week, and up just 5K annually.
Overbid sales fell lower to just ten this week. Those lucky sellers managed an average bonus above their asking price of $7,040. Another 111 Saskatoon homes sold for less than the seller’s asking price with an average discount of $10,718.
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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