Saskatoon home sales slipped lower this week falling by 14 units to 96. That’s down by six when compared to the numbers generated over the same week last year.

The new listing activity moved in the opposite direction and grew again, now for the second consecutive week. Saskatoon real estate agents added 160 new listings to the MLS® this past week, up by 14 from the week before, and higher annually by 33.

The number of homes available for sale on the multiple listing service fell lower for the sixth week in a row, this time settling at just 1260, the lowest number we’ve seen since the final week of March. That’s down 22 from last week and also down from the close of the same week last year by 107. 

Within our current inventory is a selection of 660 single-family homes, 13 fewer than could be found a week ago and down further from 721 at the close of the same week last year. Additionally, there are 520 condos for sale in Saskatoon today. That’s a drop of nine from last week and lower annually by 48.

The total number of Saskatoon real estate sales in the residential category over the past 30 days fell lower this week to 426, down from 437 the week before. This brought modest improvements to “months of inventory” in two of three categories that we track.  Here’s how that looks today.

All residential - 1260 active listings / 427 sales = 3.0 month supply (up 0.1 months from last week)

Single-family homes - 660 listings / 291 sales = 2.3 month supply (the same as last week).

Condos - 520 listings / 109 sales = a 4.8 month supply. (up 0.4 months from last week).

Sales activity across the various price ranges looked more or less like it did in my last report so the weekly average price and the weekly median were almost unchanged. The average came in at $371,642 and the median was $351,000.

The four-week median price finally broke its winning streak as it fell lower for the first time after growing sharply over the past five weeks. It fell by seventy-five hundred dollars from last week to $366,200 which was up about 10K annually. The six-week average price saw an increase for the second week in a row as it moved to $366,200. That’s up about 6K from last week and higher annually by ten thousand dollars.

 

Overbid sales pushed higher again with 14 sellers closing a deal for more than their asking price. The average overbid, however, slipped to $5,986, about four grand lower than it was last week. This week, 77 of 96 sales went for less than the asking price by an average of $12,280.

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