After reaching a new high point last week, Saskatoon real estate activity cooled a bit on both the sales and new listings front.
Local agents reported 95 firm residential trades to the multiple listing service®, down nine from last week’s numbers, but higher by 24 units when compared to sales for the same period last year.
New listing activity fell lower to 177. That’s 36 fewer homes than had hit the market last week but higher by 15 when compared against new listings for the same week last year.
The inventory of active Saskatoon real estate listings grew for the third consecutive week and reached 1160 by the close of business Friday. That’s higher than last week’s close by 39 units, and the second-largest weekly gain this year. The line is moving upwards, thank goodness. At this time last year, there were 1474 residential listings displaying an “active” status on the MLS®.
Today, the inventory includes 495 single-family homes, up by ten from a week ago, but sharply lower than 869 properties available at this time last year. Condo inventory grew to 613, for a weekly increase of 35 and annual growth of 90 units.
30-day sales grew again as they have each week this year, this week reaching 427.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1160 active listings / 427 sales = 2.7 month supply. (Lower than last week by 0.1 months. Seller’s market conditions).
Single-family homes - 495 listings / 268 sales = 1.85 month supply (The same as last week. Extreme seller’s market conditions).
Condos - 613 listings / 110 sales = 5.6 month supply. (Up from 5.2 months last week and quickly headed back towards buyer’s market territory, but “balanced” now for the sixth week in a row).
The upper-end market has been particularly strong lately and this week was no exception, The weekly average price moved sharply higher to $375,209 thanks to a single sale above $1.3 million. The weekly median grew again to $363,500.
Looking a little more long-term, the six-week average price of a Saskatoon home reached a new annual high of $355,351. That’s up on a year-over-year basis by more than twenty-eight thousand dollars.
The four-week median price also reached its high point so far this year growing more than ten thousand dollars this week and reaching $360,102 for an annual gain of $35,000.
The number of sellers who closed a deal for more than their asking price fell lower from 17 last week to just 10 this week. The average overbid, on the other hand, was lofty as it grew from $5,237 last week to $12,280 this period. 63 of 95 sales closed at a price below the listed price netting those buyers an average discount of $11,458.
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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