Saskatoon real estate sales continued to show spring-like results even as we entered the second month of summer. Local REALTORS® reported 88 firm residential trades, down eight from last week and up by four compared to the same week last year.
New listing activity continued on a downward trend to reach its lowest weekly numbers in three months time. New listings have fallen lower during six of the past seven weeks. A total of 132 Saskatoon homes were added to the multiple listing service® over the past week. That’s 30 fewer than were added the previous week and down ten compared to what we saw come on the market over the same period last year.
The week closed with 18 fewer active MLS® listings in the residential category than we had a week ago. As of this morning, there are 1831 Saskatoon homes for sale, down from 2049 at the same time last year. Among them, there are 1139 single-family detached homes, up from 1117 a year ago. All of the losses can be credited to the condo category which sits at 680 units today, down from 805 at the close of the same week last year.
Interestingly, both the condo and single-family categories are now showing a “balanced supply” based on recent sales. This call is typically made by examining “months of inventory”, or stated more clearly, the number of months that it would take to exhaust existing supply based on sales for the previous 30 days.
A supply of four months or less is considered to create “seller’s market” conditions. A supply in the four to six-month range is called a “balanced market” in which neither the buyer or the seller has a distinct advantage. A supply greater than six months is considered to create a buyer’s market.
Here’s how current inventory looks, relative to sales in each of these categories.
Single-family detached homes
1131 active listings with sales of 246 in the past 30 days.
1131/246 = 4.6 month supply.
680 active listings with sales of 114 in the past 30 days.
680/114 = 5.96 month supply (into the balanced arena, though marginally)
Entry-level buyers came back to the market this week after showing little interest over the two previous weeks. A flurry of activity that included 13 condominium sales at prices below $200,000 helped bring the weekly median sale price back to earth. It was $318,750 this week, down almost 20K from the week before. Still, the average sale price for the week managed to make some gains again as it increased 10K from the week before to reach $341,092.
The six-week average price moved higher again to create what now looks like a seven-week trend. It came in at $340,441 to record a modest gain over the previous week of about two thousand dollars and finished the week up nearly four thousand annually. Meanwhile, the burst of entry-level activity that we saw this week contributed to a falling four-week median. It lost nearly 20 this week to settle at $319,000 and finished lower than it did a year earlier by seven thousand dollars.
Overbidding activity was weak as just two sellers closed a deal with an above list price offer. One of the two homes that were the subject of bidding enthusiasm sold $100 above list while the other claimed a 10K bonus. Meanwhile, 79 of the week’s 88 sales reported a price that was, on average, $12,854 below the list price of the home.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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.
More weekly stats and numbers for those who love them.
Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
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