For the second consecutive week, Saskatoon real estate sales grew, this week by just one to reach 126. That is down 21 from the same week last year when the number of homes sold took a sudden but temporary spike to 147.
New listing activity fell lower, now for the third week in a row. It slipped to 169, a sharp decline from last week when 198 Saskatoon homes came on the market, but higher annually by 21.
The number of Saskatoon homes for sale on the MLS® sat at 1465 this morning, which is well down from a week ago when a home search would deliver 1512 active listings. It’s also lower than numbers recorded at the close of the same week last year by 18.
In that mix, we have 772 single-family homes, about 25 fewer than there were a week ago and down annually by 73. Additionally, there are 616 Saskatoon condos for sale, down 18 from last week’s close, and up 56 on a year-over-year basis.
After a brief pause and two weeks at the 508, 30-day sales fell lower, this week by 20 units to 488. This is the first time that number has fallen below 500 units in months.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1465 active listings / 488 sales = 3.0 month supply (the same as last week, and stable for three weeks in a row. Still well into seller’s market territory)
Single-family homes - 772 listings / 298 sales = 2.6 month supply (Higher than last week by just 0.1 months. Strong seller’s market conditions).
Condos - 616 listings / 154 sales = a 4.0 month supply. (down by 0.1 months from last week and right on the border of balanced and seller’s market conditions).
Once again, a smaller number of high-end sales, and strong activity in the lower-end condo market, brought both the average price and the median price for the week lower to $356,024 and $343,000 respectively.
The six-week average price which has been trending lower since the middle of June took a small gain. It’s up just a few hundred dollars from last week to $362,895 but higher annually by more than thirteen thousand dollars.
The four-week median price, which reached its high point for the year in mid-May and has been trending lower ever since slipped four thousand dollars to $340,000 and is now up annually by just six thousand dollars.
The divide between overbid and underbid sales were largely unchanged from last week. Once again, 96 homes were reported to have sold below the seller’s asking price by an average of $9,947, which is just six dollars above last week’s average gap between list price and sale price. Meanwhile, there were 17 sales reporting a price above the listed price with an average overbid of $5,688, up by $55 from last week.
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.
More weekly stats and numbers for those who love them.
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