Saskatoon home sales took a downward slide, this week falling to their lowest level since the third week of January. Local real estate agents reported 55 residential sales within city boundaries to the multiple listing service®. That’s down from the previous week by 14 and lower annually by 35 homes.
The new listing activity also slipped lower falling by seven units on a weekly basis to 150, which is actually up by ten units from the same week last year.
The number of Saskatoon homes available on the MLS® system slid lower for the seventh consecutive week. It fell by 15 from the week before to settle at 1110, lower than it was at this time last year by just 77.
At the close of the week, there were seven fewer single-family homes than were available a week ago. Buyers currently see 681 active listings in this category, up 21 on a year-over-year basis.
Condo inventory slipped nine on the week to 360, down 117 annually.
The number of homes to have sold over the past 30 days fell by 14 to 303, this week.
Fewer active listings and weakening sales brought “months of inventory” (MOI) modestly higher on two of the three categories we track. Here’s what MOI looks like today.
All residential - 1110 active listings / 303 sales = 3.7 month supply (up 0.2 months from last week).
Single-family homes - 681 listings / 185 sales = 3.7 month supply (up 0.1 months from last week last week).
Condos - 360 listings / 100 sales = 3.6 month supply. (down 0.2 months from last week).
A couple of big dollar sales at the top of our list brought the average sale price of a Saskatoon home higher to $363,768 this week, even as the weekly median price remained stable at $340,000.
The six-week average price fell lower, now for the sixth consecutive week to $350,952. That’s lower annually by just over 25K.
Meanwhile, the four-week median price broke a nine-week losing streak as it grew by almost eleven thousand dollars from last week to $332,750. It’s down from a year ago by $32,500.
Last week, I asked the question, “Is overbidding a thing of the past?”
This week, we see absolutely zero homes selling for more than the seller’s asking price. Zero!
That’s the first time that has happened since the opening week on 2022. There were eight sales reported to have closed a sale at the listed price, while 47 of 55 residential sales reported a price below the seller’s asking price to generate an average discount of $12,231.
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. A description of the geographic boundaries of areas 1 through 5 is here.
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