After a sharp sales rebound last week, Saskatoon home sales fell lower again, this week to 99 units. That’s down 11 from last week and just slightly higher on an annual basis.
The new listing activity spiked higher from just 136 last week to reach 171 over this period. That’s 12 fewer new listings than entered the system over the same period last year.
In spite of decent sales volume and strong new listing numbers, a high number of month-end expired listings (82), and another 48 canceled and withdrawn listings pushed inventory levels lower again. At the close of business Friday, there were just 1334 active listings available on the MLS® system. That’s lower than last week by 36, and down about 150 on a year-over-year basis.
Today, there are 700 detached single-family homes for sale, down by 28 compared to last week’s close, and lower annually by 127. There are also 536 condos for sale in the city. That’s 27 fewer than there was a week earlier and lower than levels recorded a year earlier by 41.
The number of sales over the past 30 days continues to fall lower, this week dropping 408 from 427 the week before. With a drop in both sales and active listings, “months of inventory” were hardly affected. Here’s what it looks like today.
All residential - 1334 active listings / 408 sales = 3.3 month supply (up 0.1 months from last week, and now up 0.5 months in four weeks)
Single-family homes - 700 listings / 261 sales = 2.7 month supply (unchanged from last week, and up 0.4 months in four weeks).
Condos - 536 listings / 124 sales = a 4.3 month supply. (up 0.1 months from last week and now up 0.6 in four weeks).
Sales activity at the mid to upper-value range of the Saskatoon housing came back strong this week. The median sale price for the week bounced back from an annual low of $285K to reach $367,000 this week. The weekly average price moved from under $325,000 last week to $397,038.
After sliding lower for weeks, both of the longer terms measures I track headed for higher ground. The six-week average price of a Saskatoon home grew more than ten thousand dollars this week to reach $354,852. That’s lower than it was last year at this time by just a few hundred dollars. Meanwhile, the four-week median price bounced back from the annual low of $309,000 recorded last week to reach $330,000 this week. It’s still lower on an annual basis by about fifteen thousand dollars.
Perhaps the most interesting number from this week is the number of sales that reported a sale price that was higher than the list price. That number came in at 17, which is 17% of sales, a much higher percentage than we’ve been experiencing lately. The average overbid was $9,853.
This type of activity was most prevalent in what I call Area 3 (from the river’s edge to Idylwyld Drive, from downtown north to the north edge of Silverwood) where six of ten sales went for more than the asking price.
This is a clear signal that there are buyers out there still very determined to wrap up a deal this year and I expect that October will record some sales gains over September. Kids are back in school, routines are reestablished and buyers are showing a strong willingness to buy. Inventory could be the fly in the ointment but that remains to be seen.
There were 70 sales below the asking price, as well. Those deals saw an average discount of $12,808.
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.
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