After falling to its lowest level since April last week, the Saskatoon real estate market saw sales rebound to 124 units for a weekly increase of 23 and an annual gain of 12 sales.

The new listing activity also took an upward bounce as 232 Saskatoon homes were listed for sale on the MLS®. That was higher than the previous week by 26, and pretty much on par with the new listing activity recorded over the same week last year.

The total number of homes for sale on the multiple listing service® in Saskatoon grew slightly this week as it increased by five properties to 1274 to finish lower on a year-over-year basis by 206.

Even while the total number of listings grew, available detached houses slipped lower to 683, for a weekly dip of eight and an annual drop of 76. Condo inventory fell to 479 from 486 the week before to finish down annually by 139 units.

After falling lower for two consecutive weeks, the number of Saskatoon homes to have sold over the past 30 days grew by ten this week to 544.

Here’s what “months of inventory” look like today. 

All residential - 1274 active listings / 544 sales = 2.3 month supply (down 0.1 months from last week).

Single-family homes - 683 listings / 330 sales = 2.0 month supply (the same as last week).

Condos - 479 listings / 193 sales = 2.5 month supply. (down by 0.2 months from last week, due to a large spike in 30-day sales).

Sales activity was weighted slightly towards the upper end of the market causing the median sale price for the week to jump 25K to $361,450. At the same time, the weekly average increased more than nine thousand dollars to $381,863.

For the third time this year, the six-week average price reached a new weekly record as it hit $386,679. That’s up about $3,300 from last week, roughly five hundred dollars higher than the previous record, and higher annually by just over 20K.

The four-week median price fell lower from last week by nearly ten thousand dollars. It sat at $355,501 for the current period, $18,500 higher than it was a year ago.

The number of Saskatoon homes that sold for more than the seller’s asking price grew to 32 this week. The average overbid was $17,444 and the highest on record was $62,100. Meanwhile, 84 of the week’s 124 sales reported a sale price that was, on average, $9,835 below the asking price.

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