After reaching an annual peak three weeks back, Saskatoon home sales fell lower for the second week in a row, this time dropping by three units to 106, well down from 132 when compared to sales for the same week last year.
Meanwhile, the new listing activity hit a new weekly high for the year as 246 home owners offered their property for sale on the Saskatoon MLS®. That’s up 37 units from last week to beat the previous strongest listing week by 23, and higher annually by 25.
Fewer sales and a spike in new listings allowed the inventory of active MLS® listings to grow, now for the eighth consecutive week. Today, buyers can find 1176 Saskatoon homes for sale on the multiple listing service®, up 27 from last week, and down annually by 347.
The number of single-family homes for sale reached 651 this week, up 26 units from the close of the previous week, and down by 79 on a year-over-year basis. Condo inventory closes the week at 435. That’s lower by just two from last week and down from where it stood at the close of the same week last year by 255.
The number of Saskatoon homes that sold over the past 30 days slipped lower this week, falling from 534 to 516 (this number peaked at 536 two weeks ago).
This past week, “months of inventory” grew in all three categories we track.
All residential - 1176 active listings / 516 sales = 2.3 month supply (up by 0.1 months from last week).
Single-family homes - 651 listings / 293 sales = 2.2 month supply (up 0.2 months from last week).
Condos - 435 listings / 189 sales = 2.3 month supply. (up by 0.1 months from last week).
A bit more sales activity at the upper end of the Saskatoon real estate market including two sales that added $2.65 million to the total dollar volume pushed the average and the median sale price for the week higher. They came in at $378,040 and $355,000 respectively.
In the meantime, the six-week average price fell off its peak and slipped about $600 from last week to settle at $374,439. That’s lower than it was at the close of the same week last year by $5500.
The four-week median price wrapped up the week at $352,000 which is lower on a weekly basis by three thousand dollars, and down annually by 5K.
This week, 38 lucky home sellers closed a deal for more than their asking price. That’s up from 28 last week, and below the annual peak, achieved two weeks ago by ten. Those deals reported a price that was, on average, $13,595 above the asking price. There were 13 sales reported to have sold for the full asking price, and 55 others that required some downward movement to complete a sale. Those homes averaged a discount of $11,598.
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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