For the second week in a row, homes sales slipped lower. Saskatoon real estate agents reported 90 firm residential sales, down six from last week, but ahead by four when compared against sales over the same week last year.
The new listing activity also fell, now for the third consecutive week. Saskatoon home sellers listed 140 homes for sale on the multiple listing service®. That’s lower than the week before by 20 and down by just two annually.
The inventory of Saskatoon homes for sale on the MLS® continued its typical seasonal decline falling lower, now for the eighth consecutive week. By the close of business Friday, active listings had fallen to just 1187, the lowest number on record since mid-March. That’s 53 fewer properties than were on the system a week ago and lower annually by 143.
The sharpest declines were seen in the single-family homes category where inventory was already extremely scarce. Over the past week, we saw our numbers slip by a remarkable 10% as available units declined from 660 to just 598, down from 704 a year ago. Meanwhile, condo inventory fell nine units to 511, for an annual drop of 28.
The total number of Saskatoon real estate sales in the residential category over the past 30 days fell lower again, now for the third week in a row, this week to 417, a decline of ten units. This eroded “months of inventory” in each of the three categories that we track. Here’s how that looks today.
All residential - 1187 active listings / 417 sales = 2.8 month supply (down 0.2 months from last week)
Single-family homes - 598 listings / 286 sales = 2.1 month supply (down 0.2 months from last week).
Condos - 511 listings / 108 sales = a 4.7 month supply. (down 0.1 months from last week).
The weekly average price and the weekly median both grew sharply this week to $381,202 and $378,360 respectively as more upper-end home buyers engaged with the market.
The six-week average price took its third consecutive week of gains to finish the period at $376,574. That’s higher than it was the previous week by more than 10K, up about 20K from the close of the same week last year, and just five grand below the annual peak reached in June.
The four-week median grew by just two thousand dollars from a week ago to hit $356,250. That’s higher annually by twenty-three thousand dollars.
The number of sellers who wrapped up a deal at a price that exceeded the asking price fell from 14 last week to nine over this period. The average overbiid also softened considerably as it fell from nearly six thousand dollars last week to $4,411. Meanwhile, 70 homes were reported to have sold below the asking price by an average of $13,400.
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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Norm Fisher
Royal LePage Vidorra
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