Saskatoon home sales fell to their lowest point since the first week of September (the short week due to the Labour Day holiday). Local REALTORS® reported 86 firm trades for a weekly drop of 16. Still, sales remained well above those recorded during the same week last year when just 58 homes were sold through the multiple listing service®. This marks the 22nd consecutive week in which sales met or exceeded trades recorded over the same week last year.
New listing numbers moved in the opposite direction, mostly due to a re-listing of properties that expired from the MLS® as October closed. Saskatoon real estate agents added 142 residential properties to the system this week. That’s up from 127 last week and sharply higher than listing volume over the same week last year when just 105 homes were offered for sale.
Active listing inventory (Saskatoon homes that are currently for sale) fell lower to 1320 for a weekly decline of 47 and an annual decrease of 292. This is the lowest point the inventory has reached since the second week of January. It will continue to fall through the balance of the year.
The majority of the declines are counted in the single-family homes category which is now at 704, down from 987 at this time a year ago. Condo listings are at 539, down from 568 last year.
The number of sales recorded over the previous 30 days grew this week to 433. Measured against the current active listings inventory of 1320, our “months of inventory” fell lower again to just three. Remarkably, that leaves us in about as tight a position as we’ve been in for years (we did hit 3 months of inventory during the final week of August).
With just six sales above the half-million-dollar mark and brisk activity at the lower end of the Saskatoon real estate market, both the weekly average price and the weekly median price fell lower to $309,322 and $296,250 respectively.
The six-week average price tumbled nearly ten thousand dollars this week to settle at $345,273 while maintaining year-over-year gains of about 21K. The four-week median price took its fourth consecutive weekly decline to finish the period at $323,500. That’s lower than last week’s number by seventy-seven hundred dollars but higher than it was a year ago by sixteen thousand and five hundred dollars. It’s worth mentioning that the four-week median price has not been this low since late June.
Just two sellers accepted offers for more than the asking price this week. Those overbids were modest. One was $100 while the other was $1000, for an average of $550.00. Meanwhile, 76 of the week’s 86 closed sales came in below the seller’s asking price with an average discount of $10,523.00.
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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