After two weeks of declining sales, the Saskatoon real estate market saw a surge in activity that resulted in 119 firm home sales, up 17 from the previous week, and down from the same week last year by seven sales.

The number of new Saskatoon real estate listings added to the MLS® matched last week’s number at 200 units, which is higher annually by 31.

The number of Saskatoon homes currently listed for sale on the multiple listing service® fell lower this week to 1281. That is lower than the close of the previous week by 15, for the largest single-week decline this year. We currently have 172 fewer listings than were available to buyers a year ago.

Today, there are 732 single-family homes showing an active status on the system. That’s just down by one from last week and lower annually by 40. Condo inventory continues to hit new lows with just 443 active listings, down 20 from a week ago, and lower on a year-over-year basis by 173.

The number of Saskatoon homes to have sold over the past 30-day, after falling lower for two weeks grew by five to 474.

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

All residential - 1281 active listings / 474 sales = 2.7 month supply (down 0.1 months from last week).

Single-family homes - 732 listings / 270 sales = 2.7 month supply (the same as last week).

Condos - 443 listings / 184 sales = 2.4 month supply. (down 0.2 months from last week). 

With just 15 sales reporting a sale price above the half-million dollar mark, the average sale price for the week slipped again, this week dropping by a thousand dollars to $352,388. The weekly median price, meanwhile, came back for the 25-week low it hit last period and grew more than 20K to $329,900.

The six-week median price declined again, now for the third week in a row. It settled at $368,891 to reach it’s lowest point since the final week of March. It remains up on an annual basis by six thousand dollars.

The four-week median price declined for the sixth consecutive week thanks to a growing number of condo sales. It’s at $335,000 today, which is lower than it was last week by roughly $3,000 and down annually by $5,000.

The number of Saskatoon homes that were reported to have sold for more than the asking price slipped by one, in spite of the fact that sales were higher than the previous week by 17 percent. 22 Saskatoon home sellers closed on an offer that was $10,633 higher than their asking price, on average. Another 85 sales show a price below the list price with an average discount of $9,885.

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