Often, when a market is shifting you start to see large bounces in the numbers from one week to the next. That appears to be happening now. This week, sales fell lower to 104, down 20 from last week. That is on par with the same week last year, and it takes us back to volumes that are more typical of the very early spring before things exploded.
New listing activity, which has certainly been trending lower over the past six to seven weeks remains relatively high. Saskatoon real estate agents added 228 homes to the MLS®, down four from last week, and higher than the same period last year by 25.
The inventory of Saskatoon real estate listings continued its slow push in an upward direction growing by 17 this week to reach 1291, lower by 226 on an annual basis. This is about the time that inventory should begin to fall lower.
In the mix, we have 710 single-family homes for sale, up 27 from last week’s close, and down on a year-over-year basis by 76. Condos inventory grew to 485, up by six from the previous week and lower than it was this time last year by 152.
After an unexpected bump to 544 last week, 30-day sales fell considerably lower to 486. With a bit of growth in active listings, we see some relief for buyers challenged to find a home.
Here’s what “months of inventory” look like today.
All residential - 1291 active listings / 486 sales = 2.7 month supply (up 0.4 months from last week and the largest upward shift we’ve seen this year).
Single-family homes - 710 listings / 299 sales = 2.4 month supply (up 0.4 months from last week and the largest upward shift we’ve seen this year).
Condos - 485 listings / 165 sales = 2.9 month supply. (up 0.4 months from last week and the largest upward shift we’ve seen this year).
Strong sales activity below the quarter million dollar mark helped bring both the weekly median and the weekly average sale price of a Saskatoon home lower to $336,625 and $361,280 respectively.
The six-week-average price fell off of its record higher dropping about twenty-five hundred dollars from last week to settle at $384,037. That leaves it higher annually by about 20K. The four-week median price took its third consecutive decline, this week slipping forty-five hundred dollars to $351,000. That’s the lowest it's been since early May but higher on a year-over-year basis by sixteen thousand dollars.
The number of Saskatoon homes that reported a sale price higher than the asking price fell to 24 from 32 the week before. The average overbid was $11,225, about 6K lower than the week before. Meanwhile, there were 71 sales reporting a price of less than the list price by an average of $11,356. That’s the first time that the average underbid was higher than the average overbid since spring.
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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