Despite some ups and downs over the past two weeks, we are now pushing four months with average weekly sales above 130 units. This week, we bounced back from the slowest sales week since March to hit 136 residential sales, up from 111 last week and up from 121 over the same week last year.
New listing activity was even more impressive as 240 Saskatoon homes were offered for sale. That’s higher than last week by 48 and up annually by 78.
Active listing inventory grew by 31 this week to reach 1524, lower than it was last year at this time by 40 listings.
Today’s totals include 776 single-family homes, for a pretty hefty weekly increase of 41 units and an annual decline of 99. Additionally, there are 645 condos for sale in Saskatoon, down by seven from last week, and up by 45 annually.
After slipping lower for the first time in a month last week, 30-day sales grew by five to hit 600 again.
The number of homes to sell over the past 30 days slipped lower for the first time in a month to settle at 595. That’s still a huge increase from what we would have expected in any previous year, but it’s down 25 from last week. Weaker demand and a stable supply brought modest improvement in conditions for buyers, but not likely enough that it will be immediately apparent. It continues to be a tough go for those shopping for a home.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1524 active listings / 600 sales = 2.5 month supply (the same as last week and still very much a seller’s market)
Single-family homes - 776 listings / 374 sales = 2 month supply (also even with last week. Seller’s market conditions).
Condos - 645 listings / 183 sales = 3.5 month supply. (Down from 3.7 months from last week and further into seller’s market territory that we have seen in years, thanks mostly to townhome sales which seem to have become a favourable option for those who aren't quite ready to enter the single-family homes market, or simply prefer the ease of a condo).
The weekly average sale price remained stable at $349,960 this week, even as a higher number of entry-level sales pushed the median sale price for the week considerably lower to $324,950.
The longer-term measures that we track slipped lower and both are now well off of the highs that we saw just weeks ago.
After falling more than 10K last week, the six-week average price slipped again, this time by five thousand dollars to settle at $366,661. That’s still up more than $22,000 on an annual basis. The four-week median price has been trending lower for six weeks now. This week it sits at $348,000 which is the lowest it has been since early March. It’s lower than it was last week by eight thousand dollars but higher annually by $12,000. These declines coincide with an increasing demand for cheaper condos. They’ve been making up a larger percentage of the sales mix over the past month.
In spite of a higher number of sales this week, compared to last, the number of homes to sell for more than the seller’s asking price fell to just 16. That’s the smallest number as a percentage of sales for the past few months. The average overbid amount also fell lower from a frothy $15,010 last week to $11,425 this week. Meanwhile, 108 of the week’s 136 sales were reported to have sold for less than the list price by an average of $8,875.
Again, overbidding was more prevalent in higher-priced homes. The lowest-priced sale amongst those that went above the asking price was $360K.
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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