Welcome to the 700th consecutive weekly edition of the Saskatoon Real Estate Week in Review.
That's a lot of weeks and I want you to know that I sincerely appreciate those who show up to read this little blog each week. I don't know if I have another 700 in me, but I'm feeling no urge to quit while you're here reading. Thanks again.
Coming off of a record sales week in which 147 Saskatoon homes traded hands, sales fell lower to 106 this week producing the ninth consecutive week of annual sales growth. Over the same period of 2019, Saskatoon real estate agents reported just 71 sales.
New listings showed no sign of slowing. Local agents added 173 residential listings to the multiple listing service® this week, up 26 from the previous week, for an annual increase of eight.
In spite of the large gap between sales and new listings, 65 expired listings kept the inventory from growing much. We close the week with 1490 active residential listings, up just seven from last week, and down 410 from a year ago.
The listing inventory now shows 838 single-family homes, for a weekly drop of seven and an annual decline of 277. Condo inventory is at 574 today, up 14 from a week ago and down by 98 annually.
“Months of supply” increased modestly to 2.8 with a total of 530 sales recorded over the past 30 days. That remains firmly in seller’s market territory.
Activity across all price ranges remained brisk but heightened interest in homes below $300,000 brought the weekly median price down a touch to $342,450. Meanwhile, the weekly average price held tight at $370,017.
The six-week average price made its fourth consecutive weekly gain as it grew about two thousand dollars for the week to reach $351,433. That is an annual increase of just over 20K.
The four-week median price grew for the third week in a row to finish higher weekly by seventy-five hundred dollars. It closed the week at $341,500 to claim an annual increase of $27,500.
Overbid sales fell from 18 last week to just six this week. Those lucky sellers sold their homes for an average of $4,750 more than they had asked. Still, 88 of the week’s 106 sales closed below the seller’s asking price netting those buyers an average discount of $11,981.
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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