This week, the Saskatoon real estate market saw a small upward sales bump as local REALTORS® reported 75 firm trades to the MLS®, up by four from last week for an annual increase of 12.

Meanwhile, the new listing activity slowed as it likely will each week for the balance of the year. Saskatoon real estate agents added 90 residential properties to the multiple listing service® database. That’s 28 fewer listings than hit the system the previous week, and down 30 when compared to activity over the same week last year.

The number of Saskatoon homes available to be bought through the MLS® slid to 972 this week, down from 995 last period and lower annually by 150 units.

Among the 972 listings, local buyers can find 442 detached houses, down 18 weekly, and lower on a year-over-year basis by 92. Condo inventory is at 461 today, lower by seven from last week and down annually by 63.

As another week of seasonally soft sales fell into the mix, 30-day sales took a significant tumble and fell to just 369 from 402 last week. With a slide to both active listings and sales, the supply/demand dynamic changed very little. Here’s what “months of inventory” look like today.

All residential - 972 active listings / 369 sales = 2.6 month supply (up 0.1 months from last week)

Single-family homes - 442 listings / 253 sales = 1.7 month supply (the same as last week and at low for the year).

Condos - 461 listings / 96 sales = a 4.8 month supply. (up 0.3 from last week).

Once again, much of the week’s activity occurred at price points below the average causing the weekly median price and the weekly average to fall lower to $347,500 and $370,919 respectively.

The six-week average price, meanwhile, climbed to a new high for 2021. It finished the week up just a couple of hundred dollars for the period, reaching $381,330 to claim an annual gain of 47K. The four-week median slipped about $1200 from last week to settle at $360,000 for a year-over-year increase of roughly ten percent.

 

The number of Saskatoon home sellers who sold for more than their asking price grew from eight to ten while the average overbid slid lower to $8,100. That’s about 35 percent lower than it was last week. On the other side of the negotiating table, 57 deals closed below the list price with an average discount of $10,352.

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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Norm Fisher

Royal LePage Vidorra