Another week is in the rearview mirror as we continue to move towards the spring Saskatoon real estate market.
Over the past week, local REALTORS® reported 67 firm residential sales to the Saskatoon MLS®, down by eight units from last week, and falling lower on an annual basis by 27 sales. We have been down year-over-year now for six consecutive weeks. This week’s annual decline is the largest we’ve seen so far this year.
The new listing activity ramped up nicely this period providing eager buyers with a little hope, as 153 Saskatoon homes hit the market, a new weekly high for this year. That’s higher than last week by 23, but down from the same week last year by 13.
A strong week for new listings, and slightly softer sales numbers led us to the largest increase we’ve seen this year to the inventory of MLS listings. At the close of business Friday, home buyers could find 922 homes showing an “active” status on the system. That’s more than we had at the close of the previous period by 57, but down by 132 annually.
The single-family homes category, which has been desperately low for a couple of years saw the greatest gains as available listings grew from 386 to 425. That’s down just 18 units from tallies taken at this time a year ago. Condo inventory is at 436, up 11 on a weekly basis and lower annually by 109.
30-day sales took another gain, as is expected as we move further away from the weakest months of each year. That number is now at 285, up by two dozen sales from last week.
“Months of inventory” remained reasonably stable. Here’s what that measure looks like today.
All residential - 922 active listings / 285 sales = 3.3 month supply (unchanged from last week).
Single-family homes - 425 listings / 168 sales = 2.5 month supply (unchanged from last week).
Condos - 436 listings / 99 sales = a 4.4 month supply. (down 0.3 months from last week and rapidly moving back towards seller’s market territory).
A huge week for condos priced below $250,000 helped bring the weekly median price and the weekly average significantly lower to $357,900 and $347,694 respectively.
Meanwhile, the longer-term measures we track both grew.
The six-week average price of a Saskatoon home grew by just $3,000 to $361,019 to take an annual bump of 14K. The four-week median price grew by 10K from last week and reached $345,000. That’s up by $25,000 from the same week last year.
After a bit of softening the previous week, overbid sales doubled and reached ten. Those lucky sellers saw an offer that was, on average, $8,740 above their asking price. Another 47 sellers took some lumps to complete a deal that was lower than their asking price by an average of $10,524.
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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