On the heels of a surge just last week, Saskatoon real estate sales fell lower by 16 units to settle at 85, enough to match the number of sales posted for the same week last year.

The new listing activity moved in the opposite direction growing by 15 on a weekly basis to reach 174 units. That’s 34 fewer Saskatoon homes that were offered up for sale during the same week last year.

Buoyed by the return of several residential listings that expired at the close of August, the active listing inventory on the Saskatoon MLS® took an upward turn as it grew by six to break the 1200 mark again. Today, there are 1202 Saskatoon homes for sale which is lower than the numbers recorded a year ago by 199.

A closer look by category shows 713 single-family homes for sale, up ten from last week’s close and lower annually by ten. Additionally, there are 398 condominiums showing an “active” status, That’s down by seven from last week’s close and lower on a year-over-year basis by 181.

“Months of inventory” (MOI) bounced higher in all three categories that we track and most of the declines recorded the previous week were erased as 30-day sales fell lower by 15 units and fell to 406. Here’s what MOI looks like in each of those three categories.

All residential - 1202 active listings / 406 sales = 3.0 month supply (up 0.2 months from last week).

Single-family homes - 713 listings / 259 sales = 2.8 month supply (up 0.2 months from last week).

Condos - 398 listings / 128 sales = 3.2 month supply. (up 0.2 months from last week). 

Strong condo sales at price points below the quarter million dollar mark led to another reduction in the weekly median price. It slipped just under four thousand dollars to $331,000. Meanwhile, a growing percentage of total sales reporting a price above the half-million dollar mark pushed the weekly average sale price up a little more than 15K to $373,380.

The six-week average price headed for higher ground, now for the fourth consecutive week. During this period, it grew by a little more than four grand to $379,398 to finish the week up annually by twenty-four thousand dollars.

The four-week median price remained stable (down by just $17 from last week) at $364,983. That is higher on a year-over-year basis by $45,000.

The largest shift that occurred this week is seen in the “overbid” stats as just eight sales reported a price above the seller’s asking price. That’s roughly ten percent of total sales, compared to 17 percent the week before. Additionally, the average overboard amount fell sharply to just $4,987, down for more than 13K last week. This average was skewed higher by one sale that went over the seller’s asking price by $18,000. 

For the second week in a row, we are also seeing a fairly sharp drop in the number of homes that sold for the full list price. Just seven sales were reported as full-price sales.

Meanwhile, 73 sales were reported to have sold below the list price generating an average discount of $12,007.

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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Norm Fisher

Royal LePage Vidorra