For the third week in a row, Saskatoon home sales fell lower, this week slipping to 91 for a weekly decline of just three and an annual drop of four units.

The new listing activity fell off sharply on the heels of a large listing week last period. Just 135 residential properties hit the MLS® this week. That’s down from 200 last week, and well lower than numbers posted over the same week last year when 152 Saskatoon homes were added to the multiple listing service®.

Active listing inventory continued its downward trend for the fourth consecutive week, this week landing at just 1318. Today’s numbers are down just 17 from a week earlier but lower annually by 148 homes.

Today, home buyers can find 705 single-family homes for sale on the MLS®. That’s down five from last week and lower annually by 87. There are also 528 condos for sale in Saskatoon, down 15 from a week ago, and further down by 67 listings from a year earlier.

The total number of Saskatoon real estate sales in the residential category over the past 30 days dropped this week after taking a big jump to 424 last week. This week, that number comes in at just 404, down 20 from a week ago, and is at its lowest level in three weeks. Even as inventory numbers slipped, softer sales brought some improvements to “months of inventory”.  Here’s how that looks today.

All residential - 1318 active listings / 404 sales = 3.2 month supply (up 0.2 months from last week, and now up .05 months in six weeks)

Single-family homes - 705 listings / 274 sales = 2.6 month supply (even with last week, and up just 0.3 months in six weeks).

Condos - 528 listings / 116 sales = a 4.6 month supply. (up by 0.4 months from last week and now up 0.9 in six weeks).

The median sale price for the week took a dive, thanks to a higher level of sales at the market’s entry-level. It slipped a bit more than 35K to $347,500. The average sale price for the week followed the same path slipping 23,000 from last week to $357,187.

This week, the six-week average price of a Saskatoon home saw a modest decline of just a few hundred dollars as it slipped to $356,101. That’s pretty much bang on with the number recorded at the close of the same week last year.

The four-week average price continued its recovery that began five weeks ago when it hit its annual low of $324,000. This week, it grew by a touch more than $10,000 and reached $352,000, a number we have not seen since the middle of June. That’s also higher on a year-over-year basis by 10K. 

After settling down considerably over the past two weeks, the number of homes to sell for more than the asking price grew to nine and the average overbid came in at $7,712. Meanwhile, 73 of the week’s 91 sales sold below the seller’s asking price by an average of $10,977.

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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Norm Fisher

Royal LePage Vidorra