This past week brought a slowing of activity for both sales and new listings.

Saskatoon real estate agents reported a total of 126 residential sales. That is down ten from last week but up by 16 when compared to unit sales for the same week last year.

On the heels of a very strong listing week, the number of Saskatoon homes that were offered for sale on the multiple listing service® declined. A total of 152 new residential listings were added to the system. That’s down sharply from the previous week which saw 240 Saskatoon homes hit the MLS® and nine more than came on the market over the same period last year.

 

As the calendar turned, 59 listings expired without a sale. The result is our largest single-week decline to active listings this year. We closed the week with 1455 Saskatoon homes for sale. That’s down by 69 from last week and down 62 from where we stood a year ago.

The number of detached single-family homes for sale in Saskatoon slipped by 40 units to 736, which is lower annually by 127 properties. Condo inventory also fell. It closed the week with 619 active listings, down 26 from a week earlier, and higher annually by 38.

Thirty-day sales fell lower for the second week in a row, dropping by ten to 585.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1455 active listings / 585 sales = 2.5 month supply (the same as last week and still very much a seller’s market)

Single-family homes - 736 listings / 359 sales = 2 month supply (also even with last week. Seller’s market conditions).

Condos - 619 listings / 180 sales = 3.4 month supply. (Down from 3.5 months last week and further into seller’s market territory that we have seen in years).

This was a strong week for upper-end activity with 25 sales above the half-million-dollar mark and two that came in above $1 million. Consequently, both the weekly average sale price and the weekly median took large jumps to $389,560 and $370,000 respectively.

The longer-term measures that we track both moved higher as well.

The six-week average sale price of a Saskatoon home grew to $370,455. That’s up just under four grand from last week, but higher annually by a little more than 22K.

The four-week median price edged up to $489,950 for a weekly increase of just under a thousand dollars, and an annual increase of twelve thousand dollars.

The number of homes to sell for more than the seller’s asking price has been falling lower over the past few weeks. This week they grew ever so slightly, but higher nevertheless, edging up from 16 to 17. On average, those sellers saw a bonus of $11,600 more than they had asked. This week there were four lower-end sales (260,000-332,000) to sell above the asking price. The rest were above $370K. 

There were 92 Saskatoon homes that were sold for a price that was below the seller’s asking price generating an average discount of $11,131.

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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Norm Fisher

Royal LePage Vidorra