After a couple of exceptionally strong weeks, Saskatoon home sales fell back into double-digit territory as local REALTORS reported 96 firm sales to the multiple listing service®. That number is down by 35 when compared to activity recorded the previous week and lower annually by 11.
The new listing activity took a similar path. This week, 168 Saskatoon home sellers offered their property for sale on the MLS®, a drop of 63 units compared to the week before, and a decline of 13 when measured against new listings over the same week last year.
In spite of the gap between sales and new listings, a good number of canceled and expired listings kept the inventory of residential MLS® listings from growing much. At the close of business Friday, we had 1455 Saskatoon homes for sale, up just one from the previous week’s close, and lower on a year-over-year basis by 87.
Both condos and single-family homes numbers were largely unmoved from last week. We have 779 detached houses for sale, down from 867 last year at this time, and 597 condos, up by 21 from a year ago.
The largest shift we see this week is in the 30-day sales numbers which took a dive to 475 units. That’s the lowest level recorded since the week that crossed the middle of March. To be clear, these are still unbelievably strong sales numbers for almost any month, let alone August but it’s obvious that some of the extreme heat is now abating.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1455 active listings / 475 sales = 3.0 month supply (up 0.1 months from last week)
Single-family homes - 779 listings / 293 sales = 2.7 month supply (up 0.1 months from last week).
Condos - 597 listings / 156 sales = a 3.8 month supply. (up by 0.3 months from last week).
With condos making up a significantly smaller percentage of sales this week, compared to last, both the weekly median price and the average shot higher to $353,647 and $371,653 respectively.
Both of the longer-term measures that we look at remained stable on a weekly basis but fell lower annually. The six-week average price is at $355,342 this week, up just a few hundred dollars from last week but down $2,500 annually. The four-week median price held steady at last week’s number, $335,000 to close the week down $1,500 annually.
Overbid sales made up a larger percentage of sales this week as they grew from 10 last week to 12 this week. More notable, the average overbid spiked to its highest point in a couple of months hitting $15,904, thanks in part to one home that sold more than $80,000 above the seller’s asking price. Meanwhile, 74 of the week’s 96 sales closed below the seller’s asking price at an average discount of $10,969.00.
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.
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