The Saskatoon real estate market continued to cool as home sales fell lower for the third consecutive week. Local REALTORS® reported 74 Saskatoon homes firmly sold this week, down 12 from last week, but once again, exceeding numbers posted during the same week last year when sales had fallen to just 51 units. Weekly sales have met or grown over the previous year for 23 weeks in a row (up 22 times).
New listing activity tumbled lower this week with just 84 Saskatoon homes being added to the multiple listing service®. That number is sharply lower than the 142 listings recorded the week before. It’s also 19 fewer homes than were listed over the same period in 2019.
The number of Saskatoon homes showing an “active” status on the MLS® slipped lower for the eighth consecutive week. Today, we have 1280 active listings in the residential category. That number is down 40 compared to last week’s close. At this time last year, there were 1596 active listings on the MLS®.
A closer look, by category, shows 673 single-family homes for sale, down from 979 a year ago. There are an additional 534 condominiums available today, down just five annually.
Let’s take a quick look at “months of inventory.” 30-day home sales took its largest decline in months. That number fell to 407 units, down from 433 last week.
1280 active listings / 403 sales = 3.2 months of supply.
While that still leaves us well into seller’s market territory, it’s an improvement from last week when we were sitting at three months.
With a much higher percentage of weekly sales topping 500K this week, both the weekly average price and the weekly median price grew to $344,142 and $329,000 respectively.
Looking a little longer-term we see the six-week average price falling for the second week in a row. It’s now at $343,573. That’s down less than two thousand dollars from last week but up roughly 18K annually. After slipping lower for four consecutive weeks, the four-week median price edged higher. It grew by just $1250 to reach $324,750 to record a year-over-year increase of just under five thousand dollars.
The number of sales that were reported to have firmed up with a price that exceeded the list price grew to six. The average bonus paid to those sellers was $3,083. Meanwhile, 62 of the week’s 74 sales went for less than the asking price to net those buyers an average discount of $12,810.
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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