For the first time in five weeks, home sales bounced back to record triple digits as Saskatoon real estate agents reported 107 firm residential trades to the multiple listing service®. That is up a dozen units from the previous week, and significantly higher than what we saw over the same week last year when just 74 homes sold.
After falling to their lowest weekly level for this entire calendar year, the new listing activity spiked higher to 110, up 14 from last week and higher annually by 27 units.
The number of Saskatoon homes available for sale on the MLS® continued to tumble lower, now for the 11th consecutive week. By the close of business Friday, active listings had slipped to 1053, from 1125 a week earlier. That’s 123 fewer homes than were available a year ago.
Today, we find 497 single-family homes for sale in Saskatoon, well down from the 453 we had a week ago, and further down annually. At this time last year, there were 592 detached homes for sale. Condo inventory fell 14 units from last week to 485 and finished the week down on a year-over-year basis by 30.
After falling lower for five consecutive weeks, 30-day sales pushed higher, this week growing by 11 to reach 412. Higher sales numbers and rapidly declining active listings served to erode “months of inventory” to further limit options for Saskatoon home buyers. Here’s what that looks like today.
All residential - 1053 active listings / 412 sales = 2.6 month supply (down 0.2 months from last week and at the lowest point we’ve seen since this little real estate rally began)
Single-family homes - 497 listings / 289 sales = 1.7 month supply (down 0.3 months from last week, also a new low for the year).
Condos - 485 listings / 105 sales = a 4.6 month supply. (same as last week).
A little more upper-end action in the market pushed the weekly median sale price of a Saskatoon home higher this week to $375,000. One sale that topped $2 million helped push the weekly average price up to $372,492.
The four-week median sale price came within $65 of hitting a new annual high. It’s at $381,155 this week, up nearly 10K from last week, and higher annually by close to $50,000 The six-week average price grew again, as it has, fairly consistently over the past ten weeks. It reached $365,900. That’s up just a bit more than two thousand dollars from last week and higher annually by 55K.
Overbid sales remained steady at eight while the average overboard amount more than doubled to $15,213. Meanwhile, 89 homes were reported to have been sold at a price that was below the seller’s asking price by an average of $11,962.
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, 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 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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