Saskatoon home sales fell lower this period, dropping 17 units from last week to settle at 102, enough to top sales for the same period last year by 13.
The new listing activity also cooled significantly as it fell to levels not seen since late April when the spring market was just shifting into high gear. This week, Saskatoon real estate agents processed 184 new residential listings through the MLS®, down from 200 last week, and matching listing numbers for the same week last year.
For the second week in a row, the inventory of active Saskatoon real estate listings fell lower. The total number of Saskatoon homes showing an active status on the multiple listing service® fell to 1248 by the close of business Friday. Inventory reached its peak for the year two weeks ago at 1296 and now sits at 1248, for a weekly drop of 33 units, and an annual decline of 205.
Again, the hardest hit is the condo category which dropped 20 units from last week to 424. Last year at this time, there were 607 condos for sale. That’s a year-over-year decline of 30 percent.
Today, there at 730 houses displaying an active status, down two from last week, and lower annually by 38.
The number of Saskatoon homes to have sold over the past 30-day, remained steady this week at 474 units.
Here’s what “months of inventory” look like today.
All residential - 1248 active listings / 474 sales = 2.6 month supply (down 0.1 months from last week, and falling for the second week).
Single-family homes - 730 listings / 270 sales = 2.7 month supply (the same as last week).
Condos - 424 listings / 184 sales = 2.3 month supply. (down 0.1 months from last week).
A burst of activity at the upper end of the Saskatoon real estate market including two sales well above the million-dollar mark pushed both the weekly median price and the weekly average higher to $357,500 and $368,760 respectively.
Meanwhile, both of the longer-term measures we track continued to slip lower.
The six-week average price took its fourth consecutive drop to reach $365,156 its lowest level since late March. That’s down about 4K from last week but ahead annually by about three thousand dollars. The four-week median remained steady at $335,000 after falling lower for five consecutive weeks. That’s as low as it has been since the first week of February, and lower annually for the third week in a row. At this time, last year, this measure was coming in at $343,000.
Of the 102 homes that sold this past week, 20 of those listings were reported to have sold for more than the asking price. While the drops are slight, this segment has been slowly shrinking as a percentage of overall sales for several weeks. The average overbid was $14,280. Meanwhile, 71 sales reported a price of less than the asking price to generate an average discount of $11,092.
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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