After taking a big bounce last week, Saskatoon home sales fell lower and slid to their lowest point since the third week of January. Local real estate agents reported just 71 firm residential trades this week, down 36 units from the previous period, and lower by 13 when compared against sales over the same week last year.

Meanwhile, the new listing activity grew modestly as a bunch of listings expired without a sale at the close of November and then returned for another go. 118 Saskatoon home owners added their property to the multiple listing service®, for a weekly gain of ten, and an annual increase of 16.

Active listing inventory continued to slide lower, this week falling below the 1000 mark for the first time since early January. Today, we have just 995 Saskatoon homes for sale, down from 1053 at last week’s close, and further down from 1103 at the end of the same week last year.

The number of Saskatoon single-family homes for sale finished the week at just 460, down from 497 a week ago, and lower annually by 82 units. Condo inventory is at 468 today, down from 485 at last week’s close, and lower by 29 on a year-over-year basis.

After moving higher for the first time in five weeks last period, 30-day sales reversed course and slipped lower to 402, just ahead of the previous low recorded two weeks ago. Even with weak sales, the decline in active listings served to erode “months of inventory” just a bit. Here’s what that looks like today.

All residential - 995 active listings / 402 sales = 2.5 month supply (down 0.1 months from last week and at the lowest point we’ve seen since this little real estate rally began)

Single-family homes - 460 listings / 278 sales = 1.7 month supply (the same as last week and at low for the year).

Condos - 468 listings / 105 sales = a 4.5 month supply. (down 0.1 from last week).

An active market at price points below the $300,000 mark helped to usher the median and the average sale price for the week lower to $359,900 and $366,083 respectively.

The six-week average price remained stable at $381,154 to take an annual gain of roughly $46,000. Meanwhile, the four-week median price dipped close to 5K on a weekly basis to settle at $361,250 and finished higher annually by about $34,000.

 

In spite of lower sales numbers, overbid sales remained steady at eight while the average overbid amount fell lower to $11,928. That’s 3K lower than it was last week. The largest overbids were in the area I describe as Area 2 (that big swath of land between Circle Drive East and the river) where overbids averaged $22,366. Still, 56 of this week’s 71 sales were reported to have been sold at a price that was below the seller’s asking price by an average of $8,640.

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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Norm Fisher

Royal LePage Vidorra