For the first time in four weeks, Saskatoon home sales moved back into triple-digit territory as local agents reported 101 firm residential sales. That’s up from 91 last week but it falls short of numbers generated over the same week last year by 15.

The new listing activity moved in the opposite direction as just 158 Saskatoon homes were offered for sale on the multiple listing service®.  That number is down just four from the previous week, and higher annually by six.

For the second week in a row, the number of homes available in Saskatoon on the MLS® system fell lower, this week rather sharply, thanks to a good handful of listings that expired without a sale as August closed. Today, we have just 1196 active residential listings, down 73 from last week’s close, and lower than it was at this time last year by 186.

Among those listings are 703 single-family homes, down 25 from a week ago, and lower annually by 20. Additionally, the inventory shows 405 condominiums for sale, well down from 441 last week, and further down from 575 at this time last year.

Let’s take a look at “months of inventory” (MOI) which gives us a better understanding of the current supply and demand dynamic.

The number of homes to have sold in Saskatoon over the past 30 days nudged up by two from last week to 421. Together with a drop in active listings, months of inventory fell lower in the three categories we track.

All residential - 1196 active listings / 421 sales = 2.8 month supply (down 0.2 months from last week).

Single-family homes - 703 listings / 269 sales = 2.6 month supply (down 0.1 from last week).

Condos - 405 listings / 131 sales = 3.0 month supply. (down 0.3 months from last week). 

With fewer than 20 sales reporting a price greater than $500K both the weekly average price and the weekly median price slipped lower to $358,214 and $334,900 respectively.

Meanwhile, the six-week average price took its third consecutive weekly increase as it rose just under a thousand bucks to reach $374,817 to take an annual gain of 20K. 

The four-week median price, after growing for three weeks took a downward turn slipping just under a thousand dollars to settle at $365,000 which is up 40K from the same week last year.

This week, 17 Saskatoon homes sold for more than the seller’s list price by an average of $13,182 while 77 deals closed below the asking price with an average discount of $11,153.

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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Norm Fisher

Royal LePage Vidorra