For the second week in a row, Saskatoon real estate sales rose, this week reaching 90 units. That’s their highest level in six weeks, up a dozen sales from last week and down just one when compared to sales for the same week the previous year.
Meanwhile, the number of new residential listings processed through our MLS® system slipped lower. This week, local agents added 140 Saskatoon homes to the system, down 14 from last week, and up annually by five.
The inventory of active listings fell lower for the fourth consecutive week. Today, there are 1141 Saskatoon homes showing an active status on the multiple listings service®, down 30 from last week, and lower annually by 177 units.
A closer look at the two major categories shows 685 houses for sale today, down 23 from last week, and 20 fewer than could be found a year ago. Additionally, there are 383 condos available to buyers, down eight from a week earlier, and way down from 528 last year.
Brisk sales this week, brought the number of Saskatoon homes to have sold over the most recent 30 days higher by three to 330. This moved “months of inventory” (MOI) modestly lower in two of the three categories we track.
All residential - 1141 active listings / 330 sales = 3.5 month supply (down 0.1 months from last week).
Single-family homes - 685 listings / 209 sales = 3.3 month supply (down 0.2 months from last week).
Condos - 383 listings / 146 sales = 3.7 month supply. (the same as last week).
Entry-level activity remained strong through the period and kept the median sale price for the week on the low side at $321,250. The weekly average sale price moved higher to $334,331 which is also considerably lower than what’s been typical for most of the year.
The six-week average price took its third consecutive weekly decline as it fell to $357,311. That’s down a bit more than 5K from last week and just twelve hundred dollars above the level recorded a year earlier.
The four-week median price declined for the seventh consecutive week as upper-end sales continue to fall. It closed the week at just $326,000. That’s lower on a weekly basis by 12K and down year-over-year by twenty-six thousand dollars.
The number of Saskatoon home sellers who closed a deal for more than they were asking remained steady at just five, while the average overbid took a big drop from more than 13K last week to just $4,284 this period. Another seven sales resulted in a full-price offer while 77 of the week’s 90 sales closed at a price below the list price by an average of $12,606.
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.
More weekly stats and numbers for those who love them.
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