Saskatoon real estate sales activity remained subdued this week. Unit sales numbers did cross back into triple-digit territory, but just barely. Local REALTORS® reported 104 Saskatoon homes sold this week, up by eight from last week, but lower annually by 25.
The new listing activity grew modestly on a weekly basis by 21 units. The tally for the week came in at 179 which is significantly lower than the numbers generated over the same week last year when 241 Saskatoon home sellers offered a home for sale on the multiple listing service®.
The inventory of active listings reached its highest point for 2022 with 1007 listings displaying an active status on the MLS®. That’s an increase of 21 from last week, sadly one of our largest weekly increases this year. At this time last year, buyers had 1355 active listings to choose from, which hardly seemed like enough at the time.
Single-family homes inventory saw a good bounce as it grew by 38 to reach 515, down 106 from last year. Condos inventory fell lower by 11 on a weekly basis to settle at 425. That’s down 236 units from this time last year.
30-day sales grew once again but continued to show signs that we may be reaching the peak (these numbers should grow through May, but with weak inventory that seems unlikely unless something turns quickly). Like the previous week, the measure grew by just four to 498.
“Months of inventory” was unchanged in two of the three categories we track.
All residential - 1007 active listings / 494 sales = 2.0 month supply (the same as last week).
Single-family homes - 515 listings / 291 sales = 1.7 month supply (same as last week).
Condos - 425 listings / 180 sales = 2.4 month supply. (down 0.1 months from last week, and a new low not seen since 2008).
Exceptionally strong condo sales, particularly those priced at the lower end of the spectrum helped usher both the median and the average sale price for the week lower to $311,950 and $345,565 respectively.
After pushing higher for several consecutive weeks both of our longer-term measures fell lower.
The six-week average price closed the week at $369,112. That’s just $800 shy of where it stood last week, and it’s lower annually by about two thousand dollars.
The four-week median price slipped four grand from last week to $357,000 and also closed the week lower on a year-over-year basis by three thousand dollars.
The number of homes that sold for more than the seller’s asking price fell by five to 24. Those deals reported a sale price that was, on average, $10,500 above the asking price. Meanwhile, 67 of the week’s 104 sales closed below the listed price generating those buyers an average discount of $9,608.
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. A description of the geographic boundaries of areas 1 through 5 is here.
More weekly stats and numbers for those who love them.
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