Saskatoon home sales slipped lower for the second week in a row, this time just modestly. Local real estate agents reported 94 firm residential sales to the MLS® this week, down five from the previous week and up by five from the same period last year.
Meanwhile, the new listing activity moved higher for the second consecutive week. A total of 200 Saskatoon homes were offered up on the multiple listing service® for a weekly increase of 29 and an annual gain of 48. The new listing activity this period includes a large handful of the 75 listings that expired as the new month began.
The number of Saskatoon homes available to buyers on the MLS® grew by one over the past seven days to 1335. That is lower than what was available last year at this time by 148 units, or ten percent.
In the inventory, we have 710 detached single-family homes, up 10 from a week ago, and lower annually by 117. There are 543 listings in the condo category, which is higher than last week’s close by seven units and lower annually by 43.
The total number of Saskatoon real estate sales in the residential category over the past 30 days grew from 408 last week to 424 for this period. Even with stable active listings numbers, the boost to sales brought “months of inventory” lower in all three of the categories we track. Here’s how that looks today.
All residential - 1335 active listings / 424 sales = 3.1 month supply (down 0.2 months from last week, and now up just 0.3 months in five weeks)
Single-family homes - 710 listings / 272 sales = 2.6 month supply (down 0.1 months from last week, and up 0.3 months in five weeks).
Condos - 543 listings / 129 sales = a 4.2 month supply. (down by 0.1 months from last week and now up 0.5 in four weeks).
A higher percentage of sales at the upper end of the price scale pushed the median sale price of a Saskatoon home higher again, this week to $382,750 even as the average sale price for the week slipped lower to $380,572.
After many weeks trending well lower, both of our longer-term prices measures moved higher for the second week in a row.
The six-week average price grew very modestly to $356,225. That’s higher than the week before by just $1,000 and up annually by just a few hundred dollars. The four-week median price jumped close to 12K from the week before to reach $341,750. It’s lower than it was a year ago by a few thousand dollars.
You may recall that in last week’s report, I told you that 17% of sales had drawn overbids. That was the highest percentage of sales that I could recall for several months. This week, overbids fell out of fashion as just three home buyers offered to pay more than the seller’s asking price. That’s not quite three percent of sales, a pretty significant shift. Those three overbid sales paid the respective sellers an average bonus of $12,600. Meanwhile, 83 of the week’s 94 sales recorded a price below the seller’s asking price to generate an average discount of $11,170.
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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