For those that may have missed the monthly update from the Saskatoon Region Association of REALTORS®, the Saskatoon real estate market experienced its largest year-over-year increase in at least five years as residential sales grew more than 25 percent in July, compared to the same month a year ago. This is interesting because we’ve now seen annual increases in three of seven months this year and this large increase brings us within three percentage points of matching 2017 sales, year-to-date. It also appears that there’s at least a bit of momentum built up.
Saskatoon home sales saw year-over-year gains for the seventh week in a row as local agents reported a total of 100 firm sales to the MLS® for a weekly increase of 16, and annual gains of 27 units. That’s our second largest sales week this year, just as the market is more typically falling lower.
New listing activity followed the same pattern it put down last year at this time. Saskatoon real estate agents brought 175 new listings to the multiple listing service® for a weekly increase of 27 homes, and an annual drop of 42 listings.
As the week drew to a close, the inventory of Saskatoon homes for sale fell below 2000 for the first time since since mid-June. Looking back, listing numbers exceeded 2000 for just seven weeks this year. In 2017 the inventory sat stubbornly in that range for 27 weeks, or just over half of the year. Slowly, but surely, supply is finding its way down. At this point, our inventory is lower than it was last year by nearly 11 percent, and once again at its lowest point for this particular week in four years time.
A closer look at the two major housing categories shows that Saskatoon home buyers have a selection of 769 condominiums to choose from, down from 867 at this time last year. Those numbers should bounce higher this week as a hefty number of listings that expired at the end of July come back on the market. Meanwhile, single-family homes inventory shows 1100 detached homes for sale in Saskatoon, down nearly 13 percent from a year ago when there were 1269 detached houses available.
Entry-level buyers showed up in droves this week as 37 Saskatoon homes sold for less that $250,000, many of them condos. That activity pushed the weekly median price lower for the second week in a row. That number came in at $305,750 while the weekly average price slipped a little less to $323,838. The longer-term measures showed more stability as the six-week average price of a Saskatoon homes slipped about eight hundred dollars from last week to $335,046 to finish the week lower by 12K on an annual basis. The four-week median price lost $1100 for the week to finish at $323,900 taking an annual decline of eleven thousand dollars.
Sellers hoping for an above list price offer were skunked for the first time in a couple of months. While a handful of buyers showed a willingness to pay asking price, 91 of this week’s 100 sales reported a final price that was below the seller’s listed price by an average of $12,707.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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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Royal LePage Vidorra