The local housing market saw some sales gains this week as Saskatoon real estate agents reported 95 homes sold to the multiple listing service®. That number was higher than the previous week’s sales by 13 units. We recorded similar annual gains.
The new listing activity continued to fall sharply lower, now for the third consecutive week as residential units offered for sale fell to 96, their lowest level for the entire year. That number is down from 126 last week, and higher on a year-over-year basis by just one.
Active listing inventory continued to fall lower, now for the ninth week in a row. By the close of business Friday, Saskatoon home buyers could find just 1125 properties listed for sale on the MLS®. That number is lower than last week’s close by 56, and down annually by 88.
A closer look at the two major housing categories shows that we have 543 single-family homes for sale, a decline of 38 from last week, and down 82 on a year-over-year basis. Condo inventory is at 498 today, down 23 from last week, and lower annually by 18.
30-day sales dropped again, now for the fifth consecutive week. This week the measure was down 15 units to 401. Sales and active listings fell lower in roughly the same proportion so “months of inventory” were quite stable across the board.
All residential - 1125 active listings / 401 sales = 2.8 month supply (unchanged from last week)
Single-family homes - 543 listings / 273 sales = 2.0 month supply (same as last week).
Condos - 498 listings / 108 sales = a 4.6 month supply. (down 0.2 months from last week).
The weekly median price took a small jump this week to $359,900 while the weekly average sale price of a Saskatoon home slid sharply (33K) to $359,196 thanks to fewer sales at the top end of the price spectrum.
After trending higher for eight weeks, the six-week average price of a Saskatoon home slipped about 7K this week to settle at $371,952. That’s higher than it was a year ago by about thirty-five thousand dollars.
Meanwhile, the four-week median price continued to grow, this week gaining just $1200 to reach $363,700. That was enough for an annual increase of 45K.
Overbid sales fell lower to just seven units and the average overbid amount was $7,057. Across the negotiating table sat 74 Saskatoon home buyers who managed to close their purchase with a discount averaging $9,256.
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.
TeamFisher.com hosted over 450,000 user sessions in the past year and displayed more than four million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
Royal LePage Vidorra