Saskatoon real estate sales numbers grew again for the second week in a row as local agents reported 141 firm residential trades to the MLS®. That was enough to match our previous annual high of 141 weekly sales that we saw in late March. It’s 12 more sales than were reported last week, and well up from the 51 units that traded hands over the same week last year.
New listings continued to come on the market at a spring-like pace. Another 223 Saskatoon homes were offered for sale, down by 22 from the previous period, and roughly double the number that came on the market this week last year.
The inventory of active MLS® listings grew for the ninth week in a row to reach 1365. That’s higher than last week’s close by ten properties and down annually by just 67 homes.
Today, Saskatoon home shoppers can find 638 single-family homes showing an active status on the multiple listings service®. That’s higher than it was a week ago by 17 and lower annually by 190. Additionally, there are 649 condos for sale, down a dozen from last week’s close, and higher on a year-over-year basis by 118.
30-day sales slipped lower for the first time this year. The sales numbers fell modestly to 581 from 585 the week before.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1365 active listings / 581 sales = 2.3 month supply. (Precisely where we stood a week ago. Seller’s market conditions).
Single-family homes - 638 listings / 394 sales = 1.6 month supply (Again, this is the same as last week. Extreme seller’s market conditions).
Condos - 649 listings / 157 sales = 4.1 month supply. (This is down from 4.2 months last week and now the 12th consecutive week in which condos are in a balanced market territory).
The median sale price of a Saskatoon home slipped lower this week by about 5K to settle at $375,000. Meanwhile, the average sale price for the week inched up a few thousand dollars to $376,796.
The six-week average price grew by just over $500 to reach $371,673. That’s up from where it was a year ago by just under $23,000. I believe that to be a record high for this price measure. The four-week median price is also now sitting at a record high of $370,599 up by more than 10K from last week, and higher annually by $50,000. It’s important to note that this particular measure fell sharply last year at this time, an indication that upper-end buyers retreated (early COVID) more quickly from the market than entry-level buyers did.
The number of Saskatoon homes that drew an overbid fell to 24, down ten from the previous week. I see one $20,000 overbid, one at $30,000, and one at $48,000 (wow!). These three sales served to skew the average overbid higher to $11,446. Still, 102 homes traded at a price that was below the seller’s asking price by an average of $9,369.
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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