After two weeks of sales that reached some of the lowest levels recorded this year, Saskatoon real estate agents reported a spike in sales activity as 110 homes were reported as firmly sold to our MLS®. That number is higher than the previous week’s by 27 units and right on par with sales recorded over the same week last year.
The new listing activity moved sharply in the opposite direction with just 130 Saskatoon homes being added to the database of the multiple listing service®. That’s 56 fewer homes than were listed the previous week, and lower by 30 annually.
With heightened sales and weakened new listing activity, the total number of Saskatoon homes available to home buyers on the MLS® fell lower. By the close of business this week, our active listings inventory had slipped to 1370, down 42 from a week earlier, and lower annually by 155. In early April, the number of Saskatoon homes for sale had grown rapidly and reached levels recorded in 2020. In recent weeks, as the number of Saskatoon homes has fallen, the annual gap has been growing.
Today, there are 728 single-family homes for sale on the system, down 23 from last week and down annually by 126 properties. Condi inventory is at 563 today, down 22 from last week and lower on a year-over-year basis by 28.
The number of Saskatoon homes to have been reported sold over the past 30 days saw a small uptick, thanks to the robust activity that hit us this week. That measure moved from 424 last week to 427 this week. In spite of that gain, the smaller number of available listings served to lower “months of inventory” in all three categories that I’ve been tracking, but just modestly so.
All residential - 1370 active listings / 427 sales = 3.2 month supply (down 0.1 months from last week, still up 0.4 months in three weeks)
Single-family homes - 728 listings / 274 sales = 2.7 month supply (down 0.1 months from last week, still up 0.4 months in three weeks).
Condos - 563 listings / 133 sales = a 4.2 month supply. (down 0.2 months from last week and still up 0.5 in three weeks).
Activity at price points well below the average brought the weekly median sale price to its lowest recorded level since the opening weeks of 2020. It came in at just $285K as entry-level buyers snapped up small detached homes and condos. The average sale price slipped lower for the fourth consecutive week, this week to $324,168.
Looking a little longer-term, the four-week median sale price fell to a new annual low of just $309,000 as it dropped 21K from last week to lose 34K annually. The six-week average price came close to hitting new annual lows but managed to stay above the previous two weekly low spots from the closing weeks of January. It’s now sitting at $344,418. That’s lower than it was a week ago by roughly six thousand dollars and down on a year-over-year basis by a touch more than 10K.
Overbid sales came in at ten, with nearly all of that activity occurring in eastside areas. Those ten sales saw an average overbid of $8,336. Meanwhile, 94 of the week’s 110 sales closed at a price that was below the asking price by an average of $9,823.
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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