This week, the number of Saskatoon homes reported sold to the MLS® came in below 100 units for the first time since early April. Saskatoon real estate agents processed just 92 firm residential sales, down from 102 the week before, lower annually by 21 sales.
The new listing activity took a similar turn as just 170 properties were added to the database of the multiple listing service®. This too was the smallest number of new listings added during any week since the first week of April. That is 14 fewer homes than were listed the previous week, and down from the same week last year by 60.
The disparity between sales and listing activity caused the inventory of active listings to move higher this week. By the close of business Friday, Saskatoon home buyers could find 1266 residential listings showing an active status on the MLS®. That’s higher by 18 on a weekly basis and lower annually by 205.
Condo inventory is taking the biggest hit. It did grow by 11 this period to 435, but it’s lower on a year-over-year basis by 173 units. Today, there are 730 single-family homes for sale through our system, the same number as last week, but down 55, when compared to the closing figures, recorded the same week last year.
The number of Saskatoon homes to have sold over the past 30-days, tumbled lower to 452, down from 474 last week.
Here’s what “months of inventory” look like today.
All residential - 1266 active listings / 452 sales = 2.8 month supply (up 0.2 months from last week).
Single-family homes - 730 listings / 265 sales = 2.8 month supply (up 0.1 months from last week).
Condos - 435 listings / 169 sales = 2.6 month supply. (up 0.3 months from last week).
A slightly increased level of sales activity at the market’s entry-level ushered the median sale price for the week lower to $344,450 while the average sale price remained steady at $366,659.
The six-week average price managed its fifth consecutive weekly decline as it moved lower by just under $1,000 to settle at $364,301. That’s still higher annually by about 6K but the year-over-year gains have been falling steadily since this measure took a downward turn in the first week of July.
The four-week median price, which had fallen lower for six weeks in a row took an upward turn this period as it grew nearly five thousand dollars from last week to hit $339,900. That’s down from where it stood at the close of the same week last year by just over three thousand dollars.
Perhaps the most notable shift can be seen in the falling number of sales that were reporting a sale price that was greater than the list price. This measure has been inching lower for several weeks. Last week, there were 20 overbids of the 102 sales (20%) reported. During this period, we see just 12 of 92 sales (13%) reporting a price that was above the asking price. The average overbid was just $8,647. Meanwhile, 69 sales reported a price below the seller’s asking price by an average of $14,432.
This is the first week I can remember this year that the average sale price fell below the average list price in all five of the major Saskatoon areas we report on.
We are still very clearly in a seller’s market in every category but I expect we will continue to inch closer to balance in the weeks ahead.
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.
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