On the heels of a short work week that produced the lowest number of home sales since the middle of May, Saskatoon real estate agents reported 104 deals to the MLS® to top sales for the same period last year by 42.
New listings continued to flow as if it were spring. Over the week, Saskatoon home owners listed 196 properties, up 22 from the previous week, and higher than the numbers recorded for the same week last year by 45.
The number of MLS® listings showing an active status on the system grew again for the second week in a row to reach 1536. That amounts to a weekly increase of 19 and an annual decline of 373 properties.
A closer look at the two major housing categories shows 860 single-family homes, up 15 from last week and down 298 from a year ago. There are also 592 Saskatoon condos for sale, nine more than were available last week, and 65 fewer than there were at this time last year.
Let’s take a look at our sales to listing ratio.
Sales over the past 30 days increased this week to 458. With inventory now sitting at 1536 that puts our “months of inventory” (MOI) at 3.35 which is down just a smidge from 3.4 months at the time of last week’s review. This very low MOI will continue to frustrate home buyers who are having difficulties finding much that they can make an offer on, particularly for single-family home buyers shopping at price points between $225,000 and $450,000.
The weekly median home price fell lower to $325,000 as condo units priced below $200K had a big week. The weekly average sale price followed along and slipped lower by $40,000 to $333,101.
The six-week average price took its third consecutive weekly decline as it fell about six thousand dollars from last week to $350,445. That’s 16K higher than it was at this time last year. The four-week median price fell $50 from last week to $339,900 to claim an annual gain of just under twenty thousand dollars.
Overbid sales grew from three last week to five this period. On average, those lucky sellers saw a deal that was $4,280 above their listed price, with one home selling for 15K over. Meanwhile, 86 buyers came away from the negotiating table getting a discount averaging $12,503.
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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