Saskatoon homes sales remained stable this week as REALTORS® reported 133 firm trades to the multiple listing service®. That was bang on even with last week, and well up from the 76 sales recorded over the same period last year.

New listing activity fell lower to 266, down from 294 last week and higher annually by 93 homes. It was the second-largest listing week this year. The number of new listings taken over the past two weeks sits at 559, which is more than we saw over the entire month of May last year when new listings totaled 494.
 

This week, active listing inventory again took one of its largest weekly gains as it moved higher by 52 units to reach 1489. It closed the week lower annually by just 15 properties. 

By next week’s close, we will almost certainly find our listing inventory up on a year-over-year basis for the first time since August of 2016.

Today, we have 697 single-family homes for sale, up 18 from a week earlier, and down by 165 when compared against levels recorded at the close of the same week last year.

Additionally, there are 694 condos for sale. That’s an increase of 22 from last week, and higher annually by 131.

A few weeks ago, I predicted that 30-day sales had reached their peak for the year and would likely begin to decline. They slipped again the following week and then spiked back up to match the previous peak. This week they inched even higher to set a new record for this year at 588 sales.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1489 active listings / 588 sales = 2.5 month supply. (The same as last week and still very much a seller’s market).

Single-family homes - 697 listings / 410 sales = 1.7 month supply (Extreme seller’s market conditions).

Condos - 694 listings / 150 sales = 4.6 month supply. (The same as last week and now the 15th consecutive week in which condos are in a balanced market territory).

The $200,000-$300,000 was particularly brisk and that helped brought the weekly median price lower to $360,000. High-end activity remained strong this week with 20 sales reporting a sale price above the $500,000 mark. Despite that activity, the weekly average sale price fell lower to $380,012.

The six-week average price forged higher to reach a new weekly high of $380,900. That’s ahead of last week’s close by more than $5,000 and higher annually by $45,540. The four-week median price also reached a new record this week at $382,295. That’s up from $370,000 the previous week and higher annually by $44,000. It’s worth pointing out that upper-end activity was pretty weak at this time last year. In fact, a year ago, we were reaching the bottom of a five-week price slide that began around the middle of April when there was still a lot of confusion about the ramifications of COVID.

Overbid sales fell by three this week to settle at 28. Those lucky sellers saw an average bonus of $10,882 above their asking price. Meanwhile, 91 sales reported a sale price below the seller’s asking price by an average of $10,402.

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 time on the market, 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 for $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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Norm Fisher

Royal LePage Vidorra