Even as the weather cooled, the Saskatoon real estate market remained hot. This past week saw a total of 82 firm sales in the residential category of the Saskatoon MLS® system, up two from the previous week and topping sales for the same period last year by 28.
New listing activity also increased as many of last month’s expired listings came back to the market with sellers hoping the extended season might bring them a sale. This week, 148 Saskatoon homes hit the multiple listing service®. That number is up just three from the previous week but solidly higher than the 110 homes offered for sale over the same period last year.
The inventory of active residential listings for sale on the MLS® fell lower to 1766, down just 17 from last week’s close and falling short of last year’s total by almost 100 units.
While inventory slipped lower, the number of single-family homes for sale in Saskatoon edged up from 1083 a week ago to 1086 today. That puts us up on a year-over-year basis by 41 houses, a gain of roughly four percent. That said, total supply in this category remains firmly in a balanced territory given current demand.
This morning there are 589 Saskatoon condos for sale. That number is down 21 from the close of the previous week for an annual decline of 115 units, a drop of more than 16 percent. Still, even with a massive increase in demand through 2019 (condo sales have increased 12 percent this year) supply is heavy and buyers can carry some clout to the negotiating table.
In my view, condos are quickly headed towards balanced territory as the number of newly built homes that are complete and unoccupied continues to plummet. This is a category that rarely seems to find a perfect balance. Builders take their queues from sales numbers, but it takes a long time to bring these projects to completion so it’s easy to miss the mark, as they did in 2013 and 2014. At that time, the market was smoking hot. That spurred a large interest in development, but by the time those buildings were ready for the market, the market had vanished. As we move forward, there’s a good chance that the supply will fall low as interest in buying these properties grows.
Speaking of condos; with 34 percent of sales falling into that category this week, both the weekly average sale price and the median sale price for the week fell sharply lower to $293,108 and $287,450 respectively.
Both of the longer-term measures that we track turned the same way.
The six-week average which has grown by sixteen thousand dollars over the past four weeks fell close to three thousand dollars from last week to settle at $335,665. It remains up annually by about 15K. The four-week median price of a Saskatoon home broke a six-week growth spurt and fell seven thousand dollars from last week. It closed the week at $320,000 which represents an annual decline of four thousand dollars.
Overbid sales were nearly non-existant but one lucky seller found themselves accepted an offer that was more than $20,000 above their asking price. Meanwhile, 75 of the week’s 82 closed transactions required some give and take. Those sellers gave up an average of $10,547 to close the sale.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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.
Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra