Saskatoon real estate sales activity softened this week as just 65 homes were reported firmly sold to the multiple listing service®, down from 72 the previous week for an annual decline of four. New listing activity fell off even more significantly. Just 103 properties were added to the MLS®, down 58 from last week, and also well below numbers recorded for the same period last year when 155 homes were listed for sale.
Reasonably decent sales, fewer new listings and 51 properties that expired without a sale all contributed to a decline in the inventory of Saskatoon homes for sale on the MLS® system. The total fell to 1868 by this morning, the lowest number we’ve recorded since the end of March when inventory numbers were on their way up. This week’s number is up 38 from where it stood at this time last year, which is the smallest year-over-year increase in six months time, and also falls out of “record” territory for the third consecutive week. Today, there are 1071 single-family homes for sale on the MLS® in Saskatoon, 36 fewer than there were a week earlier, and 84 more than were available a year ago. Condominium inventory sits at 671 for a weekly decline of nine and an annual drop of 14 units.
Interesting to me is the change to the new condo numbers over the past year. These screenshots from the October edition of CMHC’s Residential Construction Digest show that the number of “complete and unabsorbed” homes in the multi-family housing category is down just 2.1 percent from where they stood a year ago…
…but, the number of multi-family homes that are under construction has fallen by 53.6 percent from where they were at this time last year.
So, there have been a fairly significant number of these new units absorbed over the past 12 months, and with relatively few new starts happening this year, the inventory in this category should continue to move towards more manageable levels.
Very strong sales at entry levels of the Saskatoon real estate market brought the weekly median sale price sharply lower this week to $290,900. That’s down about 40K from last week. With just five sales above the $500,000 mark, the weekly average price also took a solid tumble, also slipping roughly 40K from last week to $314,318. After a two week recovery that brought the six-week average price up by 13K, it slipped lower by two thousand dollars to close the week at $335,513 for an annual loss of eleven thousand bucks. The four-week average price headed lower by twenty-five hundred dollars compared to last week’s close and setting at $325,000 for a year-over-year decline of 20K.
Overbid sales were non-existent this past week as buyers clearly won at the negotiating table. While three did agree to pay the seller’s price, 62 of this week’s 65 sales were reported to have closed below the listed price netting those buyers an average discount of $13,791.
Here is a breakdown of what the sales to listing price ration looked like on this week’s sales.