Just when you thought the end might be in sight, Saskatoon real estate sales surged higher again, back into three-digit territory. Local agents reported 113 homes firmly sold this week, up from 92 the week before. Sales grew annually for the 11th consecutive week. They were up by 32 units compared to the same week last year.
At the close of business Friday, total Saskatoon home sales year-to-date stood at 2,634 for an annual increase of 196 units. Who could have guessed that we would be showing annual sales gains of nearly nine percent at this time of the year, given where we’ve been? Our numbers are now about where we would have optimistically hoped they’d be if COVID hadn’t been a thing.
New listing activity maintained a brisk pace as Saskatoon home sellers opted in to take advantage of favourable market conditions. 191 residential properties made their debut on the multiple listings service®. That is down by four compared to last week’s volume, and up by 33 annually.
Active listing inventory remained stable at 1523, up just three from last week’s close. That number reflects a drop of 417 listings compared to what was available a year ago.
Currently, the inventory consists of 866 single-family homes, down three from last week. That’s 290 fewer detached homes than a listing search would have delivered a year ago. Condo inventory is now at 572, up one from the previous week, and down 101 from a year earlier.
Our 30-day sales number fell from 517 last week to 497 today. That pushed the “months of inventory” measure back above 3 months for the first time in weeks. Again, a four to six month supply is considered to be a balanced market in which neither buyers nor sellers have an advantage over the other. Anything above six months is a clear buyer’s market, and anything below four months is considered to be favourable to sellers. It continues to be a challenging market for buyers.
Home owners considering a sale should be aware that not all segments of the market offer the same advantages and proper pricing is still critical to success. If you’d like some advice on a specific property, reach out for a chat. You can book that here.
A bit more activity at the entry-level brought the median sale price of a Saskatoon home lower this week to $330,000 even as the average sale price for the week managed a modest bump to $352,623. That increase occurred because of some big dollar sales including four home sales that exceeded $900K.
The six-week average price moved higher again for the seventh consecutive week and reached $355,343. That’s up about four thousand dollars from last week and up thirty thousand dollars annually. Meanwhile, the four-week median price also edged higher. It closed the week at $340,000 for a weekly increase of a thousand bucks and an annual spike of forty-two thousand dollars.
Overbidding was back in vogue as 11 Saskatoon home sellers closed a deal for more than their asking price. They netted an average bonus of $3,909. Meanwhile, 98 of the week’s 113 sales reported a price below the listed price. The average discount came in at $12,457.
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.
Clearly, some steam remains. Good luck out there, and remember, we have a team of highly trained pros who know the market inside and out. Happy to hear from you if we can help.
TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 1.2 million pages to our visitors in 2019. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
Royal LePage Vidorra