Saskatoon home sales fell below 100 units for the third consecutive week, where they will likely remain through the balance of the year. Local real estate agents reported 95 firm residential sales, up nearly 20 from the previous week to beat sales for the same period last year by 36. This marks the 24th consecutive week in which sales met or exceeded those reported over the same week last year.

Year-to-date, sales are now at 3893, up 17 percent from 2019 when just 3332 homes had traded by this time of the year.

Meanwhile, new listings came in at 82 this week to match numbers generated last week. Over the same period last year, 114 Saskatoon homes were listed for sale on the MLS®.

The inventory of active listings fell to its lowest point for any week since the final week of 2014. At the close of business Friday, home buyers could find just 1213 MLS® listings in the database. That represents a drop of 67 units compared to last week’s close, and a decline of 367 units compared to levels recorded at the close of the same week last year.

Today’s home buyers have just 625 single-family homes to choose from. That is down 35 percent from a year ago when 960 detached single-family homes appeared as “active” on the multiple listing service®. The condo category sits at 516, down from 541 a year ago.

Sales over the previous 30 days fell to their lowest point in months at 391. Still, falling demand did little to help the “months of inventory” measure which managed to fall from 3.2 last week to 3.1 today. It looks like inventory will continue to be a struggle over the winter months.

Brisk activity in price categories below the quarter-million-dollar mark pushed the weekly median price down by more than 30K. It sits at $296,800 for the week. In spite of an impressive number of sales above $500,000, the average price for the week fell lower by more than 20K to $324,616.

Looking at the longer-term measures, the six-week average took its third consecutive weekly decline to $337,289. That’s down a bit more than six thousand dollars from last week, and up just $4,500 from a year ago, which is the smallest annual gain since the mid-point of 2020. The four-week median price fell lower for the sixth consecutive week and settled at $318,950. This measure is down five thousand dollars from last week to $318,950. That’s down just over a thousand dollars from the same week last year, and the first time we’ve seen an annual decline since late June.

This week, just three sellers managed to create a bidding war that resulted in a sale for more than the asking price. Those three trades paid the seller an average bonus of $3,667. Meanwhile, 86 of the week’s 95 sales reported a price below the list price. The average discount was $11,082.

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.

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Norm Fisher

Royal LePage Vidorra