Saskatoon home sales dipped to their lowest level since the first week in April, thanks in part to a short week for the MLS®. A total of 101 properties switched from an active status to sold, down by ten from last week and lower annually by 25.
The number of new listings added to the multiple listing service® fell to its lowest number since the final week of April as just 206 new listings were added to the MLS®. That’s 32 fewer listings than were added the previous week but 54 more than came on the market over the same week last year.
Even with new listings more than doubling sales, the inventory of active MLS® listings fell slightly lower. A good handful of listings typically expire without a sale as the calendar brings a new month. A large number of canceled listings also helped bring active listings lower.
We finished the week with 1269 active residential listings, down just five from last week’s close, and lower on a year-over-year basis by 186.
The number of Saskatoon homes to have sold over the past 30 days inched lower for the second week in a row, this week falling by six to settle at 534.
Here’s what “months of inventory” look like today.
All residential - 1269 active listings / 534 sales = 2.4 month supply (the same as last week).
Single-family homes - 691 listings / 331 sales = 2.0 month supply (down 0.1 from last week. For the second week in a row, 30-days sales actually moved higher in this category).
Condos - 486 listings / 179 sales = 2.7 month supply. (up by 0.1 months from last week, thanks to a growing number of listings and fewer sales).
The median weekly price of a Saskatoon home plummeted to $337,500 as more entry-level buyers made a purchase. The average sale price also fell, but 17 sales above $500K kept the decline under $20K as it settled at $372,905.
After reaching a new record last week, the six-week average price slipped lower by just under three thousand dollars to $383,384. That’s up about $13K from the close of the same week last year.
The four-week median price which hit a new annual high of $365,425 last week also came down close to three thousand dollars to finish the week at $362,750. That’s higher annually by just under $14,000.
There were 26 homes that were reporting a sale price that was higher than the seller’s asking price this week. While lower for the second week in a row, overbid sales actually grew as a percentage of total sales. Those 26 homes averaged an overbid of $17,763 which is lower than last week by $4,500. Meanwhile, 65 of the week’s 101 sales were reporting a sale price that was below the list price by an average of $9,727.00.
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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