Saskatoon real estate sales continued on a downward trend, this week reaching their lowest level since the final week of January. Local REALTORS® reported just 82 residential properties firmly sold, exactly half as many homes as sold during our peak week of this year which occurred in June. This week’s tally is down from 90 last week, but up from 74 when compared to the same week last year.
The number of new listings that were added to the MLS® fell to an eight-month low as Saskatoon real estate agents processed just 126 listings, down from 140 last week, and sharply higher than the 84 homes that were offered on the multiple listing service® over the same period last year.
The number of Saskatoon homes for sale on the MLS® system fell lower for the ninth consecutive week, but the drop in numbers was far less than we’ve been expecting. There are 1178 Saskatoon homes for sale now, down from 1187 at last week’s close, and lower annually by just 102 units.
A closer look by category shows that buyers have 581 single-family homes to choose from today, 17 fewer than were available last week, and down 92 fewer from a year ago. Condo inventory sits at 521 today, which is actually up by ten from last week and lower by 13 on a year-over-year basis.
The number of Saskatoon homes to sell over the past 30 days dropped for the fourth consecutive week, this week by just one to 416. Fairly stable active listings and sales left “months of inventory” in each of the three categories just marginally impacted, if at all. Here’s how that looks today.
All residential - 1178 active listings / 416 sales = 2.8 month supply (unchanged from last week)
Single-family homes - 581 listings / 288 sales = 2.0 month supply (down 0.1 months from last week and the lowest I can remember it being since the housing boom of 2007/2008).
Condos - 521 listings / 108 sales = a 4.8 month supply. (up 0.1 months from last week).
Some solid sales activity at price points below the $300K mark brought the median sale price for the week well down from last week to just $355,000, while a 1.7 million dollar sale contributed to a higher weekly average sale price. It came in at a lofty $393,648.
The six-week average sale price of a Saskatoon home continued the late-year advance that has seen it climbing now for 8 weeks. It reached $378,788 with a weekly gain of $2,300 to finish the period higher annually by just over $35,000. It came within three thousand dollars of the annual peak that it hit in June.
The four-week median price has been on a similar tear for the past eight weeks. It’s well off of its annual high of $382,000 but after trending lower for 20 weeks, it made a sudden shift and began to climb in mid-September. Since that time, the measure has grown by more than 60K. This week it grew to $362,500 for a weekly gain of nearly six thousand dollars to finish the week up annually by $38,000.
Even as sales softened, the number of Saskatoon homes that sold above the asking price remained stable at nine, while the average overbid more than doubled from last week to $10,147. Meantime, 65 of the week’s 82 sales went for less than the asking price to net those buyers an average discount of $11,733.
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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