The real estate market continued to slow this week as local agents reported just 89 Saskatoon homes sold. This is the first week in which sales fell below 100 units since the middle of March and the quietest sales week since the third week of February. Total weekly sales came in lower annually for the second week in a row, this week dropping by 17.
The new listing activity showed continued signs of life with 184 Saskatoon homes being offered for sale on the multiple listing service®. That’s up 15 units from last week, and up by 11 compared to the same week last year.
The inventory of active MLS® listings fell lower for the third consecutive week, this time dropping to their lowest level since the first week of May. There are now 1453 active MLS listings in Saskatoon, down 12 from last week, and further down from 1489 at the close of the same week last year.
Those seeking a single-family home will find 768 options in the city. That’s just four fewer than last week but lower annually by 70, or nearly 10%. Condo inventory sits at 607 today, a drop of 11 from last week’s close, and up 34 on a year-over-year basis.
The number of sales recorded over the last 30 days slipped lower again, this week to 483, down just five from last week.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1453 active listings / 483 sales = 3.0 month supply (the same as last week)
Single-family homes - 768 listings / 301 sales = 2.6 month supply (the same as last week).
Condos - 607 listings / 147 sales = a 4.1 month supply. (up by 0.1 months from last week).
With a high percentage of sales coming in between $400,000 and $500,000 the weekly median price managed some small gains as it grew $3000 from last week to $347,000. An absence of sales above the $700,000 mark brought the weekly average lower by $16,000 to $340,262.
The six-week average price remained stable for the third week in a row, this week slipping just a few hundred dollars to $362,328 to stay higher annually by about eleven thousand dollars. Meanwhile, the four-week median price edged higher to grow by three thousand dollars on a weekly basis, up just $1500 from a year ago.
Expect price growth to slow as demand continues to soften through the balance of the year.
Given the fairly sharp decline in weekly sales, overbids remained high at 12, but for the third week in a row, the average overbid stayed well away from five figures where it had been for months. This week, the sellers who were lucky enough to sell for more than their list price saw an average overbid of $6,059. Meanwhile, 66 of the week’s 89 sales reported a price below the list price with an average discount of $10,473.
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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