New Saskatoon real estate listings dropped again for the second week in row, by just enough to prevent inventories from climbing for the 20th consecutive week. There are currently 1,433 residential listings showing an active status, down just slightly from 1,440 last week. This is the first week during which inventory has declined since the week of February 11-15 when total active listings sat at just 361 units. A total of 171 new residential listings entered the system this week including 163 single-family homes and condos (127 & 36 respectively).
Total sales came in at 70 units, just below last week’s number of 72. Of those reported sales, 68 were houses or condos, an increase of just three units compared to last week.
The average selling price of a Saskatoon home came in below the $300,000 mark for the first time since the week of May 19-23. Condo sales accounted for a higher percentage of total sales this week when compared to previous weeks, driving average sale prices down.
Overbids were nearly non-existent with just three homes reporting sales above the asking price, but the average overbid spiked to its highest level this year, skewed by one massive $66,000 over list offer. Underbidding occurred in 53 of 68 house and condo transactions, with the average underbid falling below $10K once again.
I was really struck by the low numbers of transactions coming out of areas 4 and 5 over the past few weeks. Since around the middle of May, these two large geographic areas have been hard pressed to crack the 20-unit mark collectively. Together, the two area have just 323 house and condo listings, which is also a relatively small percentage of total listings, but hey, 8 sales on the entire west side? Ouch!
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Norm Fisher
Royal LePage Vidorra
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