Saskatoon real estate sales gained ground for the second week in a row reaching 125 firm trades for a weekly gain of 21 units, and an annual decline of 16.
The new listing activity slipped lower by two compared to last week. Local REALTORS® added 177 residential properties to the MLS® this week, down 46 when compared to listing activity over the same week last year.
Sales have declined on an annual basis in 13 of the 16 weeks that have passed so far this year. Year to date, we are at 1408 sales, down roughly 11 percent from last year. Meanwhile, new listing activity is at 2342 for the year, lower than last year by 18 percent.
The number of active real estate listings reached a new high for 2022 at 1025. That’s up 18 units from last week’s close, and down by 25 percent from this date last year when there were 1365 residential listings showing an “active” status on the system.
In the mix, we see 526 single-family homes, up 11 from a week earlier and down from 621 (down 15 percent) a year ago. Condo inventory is at 429 for a weekly increase of 4 and an annual loss of 232 (down 35 percent annually).
30-day sales made some modest gains again growing to 504 from 498 last week.
“Months of inventory” was unchanged in two of the three categories we track.
All residential - 1025 active listings / 504 sales = 2.0 month supply (the same as last week).
Single-family homes - 526 listings / 297 sales = 1.8 month supply (up by 0.1 months last week).
Condos - 429 listings / 178 sales = 2.4 month supply. (down 0.1 months from last week, and a new low not seen since 2008).
With fewer sales at the entry level price points the median price for the week bounced higher to $358,750 while a large number of luxury homes pushed the average price for the week up sharply to $380,909.
The six-week average price continued on an upward trajectory and reached its highest point for the year at $370,937. Still, that’s lower annually by about $700. The four-week median saw an increase of two grand from last week to settle at $359,000. That’s actually down annually by almost 12K.
This week, sales reporting a price that was greater than the seller’s asking price reached a new high for the year at 31. Those properties averaged an overbid of $18,319 which I believe to be the highest average for any week this year. Another 78 deals closed at less than the asking price by an average of $12,615.
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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