Saskatoon real estate sales slipped lower for the third consecutive week. A shortened workweek likely contributed to the sharp drop for this period. Local agents reported 113 Saskatoon homes sold to the multiple listing service®. That number is down 20 units compared with the previous week’s volume, but way up from the same week last year when COVID concerns brought sales to just 34.
New listing activity remained strong, and in fact, close to our annual weekly high. 225 Saskatoon homes were listed for sale, up from last week by 11, and well up from just 87 over the same period last year.
.jpg "Saskatoon real estate sales and new listings on the MLS for April 2-10,2021")
After a brief stall last week, active listing inventory moved higher again, now for the seventh week in a row. It grew by 46 listings to break the 1300 mark for the first time since mid-November. Today, we have 1306 Saskatoon homes for sale, down from 1420 at this time last year. That’s the smallest year-over-year spread since early 2020. It’s looking like we will be seeing annual gains to the inventory in two to three weeks' time.
Single-family home listings grew the most and reached 595. That’s higher than last week’s close by 34 but lower than it was at this time last year by 233 units. We also have 643 condos for sale today, up by 15 from a week ago, and 130 units more than we had at this time last year.
30-day sales grew again increasing from 540 last week to 574 this week.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1306 active listings / 574 sales = 2.3 month supply. (Precisely where we stood a week ago. Seller’s market conditions).
Single-family homes - 595 listings / 383 sales = 1.6 month supply (Same as last week. Extreme seller’s market conditions).
Condos - 643 listings / 160 sales = 4 month supply. (Down from 4.2 months last week and “balanced” now for the 10th week in a row, and on the cusp of heading into seller’s market territory).
.jpg "Active Saskatoon real estate listings on the MLS as of April 10, 2021")
Both the weekly median price and the weekly average sale price headed higher to $355,000 and $376,240 respectively.
After slipping off its peak last week, the six-week average moved higher again and fell short of reaching an annual high by less than $200. It sat at $365,577 by the close of business Friday, for a weekly gain of just over $1,000 and an annual increase of seven thousand. The four-week median price fell lower for the fourth consecutive week. It’s now at $351,750. That’s lower than it was last week by three thousand dollars, but higher annually by nearly 19K.
.jpg "Average and median prices of Saskatoon homes sold through the MLS from April 2-10, 2021")
Overbid sales fell lower to 24, but given the overall decrease in unit sales this week, I believe that to be the highest percentage of total sales for any week this year. Those sales saw the seller net an average bonus of $7,550. Another 75 sales reported a price that was below the listed price by an average of $11,440.
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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Norm Fisher
Royal LePage Vidorra
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