For the fourth week in a row, Saskatoon homes sales remained below 100 units. Local real estate agents reported 74 homes sold, down from 95 last week but higher than sales generated over the same week last year by 15 units. This is the 25th consecutive week in which sales met or exceeded those recorded during the same week the previous year. We are closing in on a six month run of exceptionally strong sales numbers.
New listings remained stable at 83. That’s up just one from the previous week, and also up from the same period last year when just 74 Saskatoon homes were listed for sale.
Active MLS® listings continued to fall lower, which is all but guaranteed for this time of year. As of this morning, we are sitting at 1176 active listings, down 37 from last week’s close, and further down from 1530 a year ago. Once again, this is the smallest number of active listings we’ve had at any point since late 2014.
Included in the inventory, you’ll find 515 condominium properties, down from 534 a year ago, and just 592 single-family homes, down from 919 at this time last year.
Let’s have a quick look at how sales (demand) and listings (supply) are playing out.
Sales over the past 30 days fell lower as has been the case fairly consistently since late July. During the most recent 30 day period, sales are at 365 (down from 391 last week).
1176 active listings / 365 sales = 3.2 months of supply.
That represents a modest improvement from last week when it had slipped lower to 3.1 months. This level is very clearly seller’s market territory suggesting continuing challenges for buyers to locate property and some measure of clout for sellers at the negotiating table, especially in single-family homes priced $100,000 on either side of the average price.
With twice as much sales activity below $200,000 than there was above $500,000, both the weekly median price and the weekly average remained lower than what has been typical. They came in at $316,000 and $322,175 respectively.
The six-week average price slipped lower for the fourth consecutive week to settle at $335,200. That number is lower than last week by two thousand dollars, but higher than the same week last year by just two hundred dollars. That’s the lowest point this measure has reached since May of 2020 when the market was seriously impacted by the first COVID wave.
The four-week median price has been trending lower fairly aggressively since it peaked in early October at $345,000. It came in at $310,550 this week, which is down $8400 from last week, and lower than it was a year earlier for the second week in a row. It’s lower on an annual basis by more than 14K.
It’s not unusual for prices to slip lower as demand softens some and we head into December, our consistently slowest month of the year.
There is no question that entry-level sales are capturing a larger share of the market than they were a year ago, impacting both average and median prices.
There have been 111 sales of homes of 1000 square feet or less in the past 30 days. Compare that to November of last year when the same parameters showed just 57 sales.
For the first 11 months of the year, this type of home has recorded annual sales gains in the range of 22 percent (about four percent better than the broader market). In the past 30 days, these homes are up 95 percent from the same period last year.
Once again, three Saskatoon home sellers found a buyer willing to pay them more than their list price by an average of $2,733. Buyers still found sellers willing to negotiate as 61 of the week’s 73 deals closed below list price and netted those buyers an average discount of $10,043.
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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