On the heels of a strong week, Saskatoon home sales fell lower to 57 units, down 19 from the previous period and lower annually by 40 deals.
New listing activity dropped to its lowest level since the third week of January as Saskatoon real estate agents brought just 97 homes to the multiple listing service®. That’s 24 fewer homes than came on the market the week before and lower by 13 when compared to activity over the same week last year.
Active listing inventory slid lower for the 10th consecutive week closing the period at 1081, down 19 from last week. For the first time since May of 2021, we close the week with more active listings than we had a year ago. Last year at this time, there were 28 fewer Saskatoon homes for sale. In May of 2021, that lasted a single week. This time, I expect we’ll have year-over-year gains well into the new year.
A closer look at the major categories shows 649 single-family detached homes displaying an active status, down 21 from last week and up 152 from the close of the same week last year. Condo inventory sits at 362 today, up four from last week and down annually by 91.
30-day sales held steady this week at 273 leaving “months of inventory” (MOI) almost unchanged. Here’s what MOI looks like today.
All residential - 1081 active listings / 273 sales = 4.0 month supply (same as last week).
Single-family homes - 649 listings / 165 sales = 3,9 month supply (down 0.1 months from last week).
Condos - 362 listings / 85 sales = 4.3 month supply. (unchanged from last week).
It was another decent week for the upper end of the Saskatoon housing market. Robust sales in this pricing category brought the median weekly sale price to its highest point since mid-August. It came in at $365,000 while the weekly average sale price bounced higher to $365,889.
The four-week median price inched upwards for the third week in a row reaching $336,750 which is lower annually by 29K. Meanwhile, the six-week average price came up from its annual low reached last week rising to $350,969 to find itself lower than it was at this time last year by $30,000.
During this period, there were six Saskatoon homes sold for more than the asking price. Those deals saw an average overboard of $9,767. The number of sales recording a sale price that matched the seller’s asking price fell to just three. That left 48 of the week’s 57 sales reporting a price that was below the seller’s ask by an average of $11,769.
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 for those who want to go deeper.
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