Saskatoon real estate sales continued that up and down dance that we’ve been experiencing since sales peaked in mid-June. This week, sales fell to their lowest level since the first week of February. Local agents reported just 85 firm residential trades to the MLS® system for a weekly decline of 31 units, while maintaining some gains over the same week last year when just 75 deals closed.
The new listing activity moved in the opposite direction recording big gains on the week, and annually. A total of 207 Saskatoon homes were added to the multiple listing service®, up 54 units from last week, and ahead of the same period last year by 34.
Softer sales and robust listing activity brought the total number of Saskatoon homes available through the MLS® higher to 1401. That’s ahead of the previous week by 26 listings and down 116 homes from last year at this time.
The largest growth occurred in the single-family homes category which grew from 723 a week ago to 740 today but still down by 105 units on a year-over-year basis. Condo inventory inched up to 579 for a weekly increase of just four and an annual drop of four units.
You may recall if you’ve been following that 30-day sales have been declining fairly consistently over the past two months. Last week, they grew some, but this week the slowing trend resumed as the number of homes to have sold over the past 30 days fell lower to 469. That’s the lowest number of sales (over 30-days) that we’ve recorded since the second week of March.
This brought slightly better conditions for buyers across the three categories I’ve been watching.
Here’s what “months of inventory” look like across the broader market, and by category.
All residential - 1401 active listings / 469 sales = 3.0 month supply (up 0.2 months from last week)
Single-family homes - 740 listings / 293 sales = 2.5 month supply (up 0.2 months from last week).
Condos - 579 listings / 150 sales = a 3.9 month supply. (up 0.2 months from last week).
Both the weekly median sale price and the weekly average sale price fell modestly lower to $310,000 and $349,058 respectively.
The six-week average price fell by less than $200 from last week to settle at $354,665. That’s lower than it was at the close of the same week last year by two thousand dollars. The four-week median price lost a thousand dollars from a week ago as it came to $324,000 to give up about 16K annually.
Overbidding activity was quite strong as 12 sellers reported a sale price above their asking price while the average overbid fell lower to $7,367. That’s about half of what it has averaged over the past two weeks. Meanwhile, 67 of the week’s 85 sales sold for less than the asking price. The average discount on those was $11,283.
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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