Saskatoon home sales fell lower for the second week in a row, this period settling at 72. That’s down 13 on a weekly basis, and shy of sales for the same week last year by 11. It’s the lowest number of sales for any week since mid-February.
A total of 179 Saskatoon real estate listings were added to the MLS® database this week, up five from last week but lower annually by seven.
The active listing inventory remained steady compared to last week with 1202 Saskatoon homes displaying an active status. The listing numbers are still well down from where they were last year at this time when 1412 residential properties were for sale.
Single-family homes inventory fell by two to 711 units for an annual drop of 40. Condo inventory grew by nine from last week to close this period at 407, which is lower on a year-over-year basis by 178.
“Months of inventory” (MOI) showed some modest growth in all three categories that we track as 30-day sales fell lower again, this week falling by 20 units to settle at 386. That’s the lowest number recorded since early March.
Here’s what MOI looks like in each of those three categories.
All residential - 1202 active listings / 386 sales = 3.1 month supply (up 0.1 months from last week).
Single-family homes - 711 listings / 241 sales = 3.0 month supply (up 0.2 months from last week).
Condos - 407 listings / 125 sales = 3.3 month supply. (up 0.1 months from last week).
A very active upper-end market pushed the weekly median price sharply higher to $360,500 even as the average sale price for the week slipped lower to $355,441.
Meanwhile, both of our longer-term measures took a small dip.
The four-week median price, saw its third consecutive weekly decline as it slipped lower to $359,900 to record a weekly drop of just over 5K, and an annual gain of nearly thirty-thousand dollars.
The six-week average price took its first decline after four weeks of growth. It slipped just over a thousand dollars from last week to finish up on a year-over-year basis by a little more than 25K.
For the second week in a row, just eight sellers wrapped up a deal for more than their asking price, but the average overbid more than doubled last week’s number as it hit $11,250. There were 59 of the week’s 72 sales reporting a price below the list price by $11,517 on average.
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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