For the second week in a row, the Saskatoon real estate market showed signs of modest softening. More on that in a bit.
Local REALTORS® reported 130 homes sold, down 11 from last week but ahead of the same week last year by 61.
As the month of April drew to a close, the annual sales tally had reached 1,748 home sales, up from just 934 by the same time last year. Of course, last year’s spring market was devastated by early COVID concerns, but still, 1,748 is an all-time record for the first four months of any year.
New listings remained stable as 223 Saskatoon home sellers placed a for sale sign on their property. That is the same number as the week before and up by 76 units when compared against the same period last year.
Active listing inventory inched just slightly higher as it grew by four from the previous week’s close reaching 1369. That’s down from last year by just 25 units. I had expected that inventory would surpass last year’s levels, and there’s still a good chance of that happening, but growth has really slowed over the past few weeks.
This week, the inventory of single-family homes grew enough to surpass condo numbers for the first time in a few months. There are now 652 detached homes for sale in Saskatoon, up 14 from last week and down 155 from a year ago. Condos are at 642 units, down seven from last week, and up 126 annually.
30-day sales slipped lower for the second consecutive week to show signs that our spring market, which arguably started early, is beginning to wind down. The numbers dropped by nearly five percent as they fell from 581 last week to 550 today.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1369 active listings / 550 sales = 2.5 month supply. (Up from 2.3 months last week and still very much a seller’s market).
Single-family homes - 652 listings / 377 sales = 1.7 month supply (Up from 1.6 months last week. Extreme seller’s market conditions).
Condos - 642 listings / 146 sales = 4.4 month supply. (This is higher than last week when it had come down to just 4.1 months and now the 13th consecutive week in which condos are in a balanced market territory).
The entry-level activity was brisk this week. With 40 sales reporting a price of less than $250,000 both the weekly median price and the weekly average fell lower to $339,000 and $354,313 respectively.
After pushing to new peaks, the four-week median price and the six-week average price both slipped lower.
The four-week median fell to $360,322. That’s down over ten thousand dollars from last week but up by $35,000 from a year ago.
The six-week average price slid to $366,471 for a weekly decline of roughly five thousand dollars, but up about $19,000 annually.
Buyer frustration was apparent as the percentage of sales that went for more than the seller’s asking price reached a new peak. There were 35 such sales this week with an average overbid of $10,814. Another 81 Saskatoon homes sold below the listed price by an average of $9,416.
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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