Cooler mornings and shorter days did little to dampen the enthusiasm of Saskatoon home buyers eager to wrap up a purchase this week.
Residential sales grew to 127, to deliver our third-highest volume sales week this year. We finished the period up 20 sales from last week to nearly double units sold over the same period last year when just 65 Saskatoon homes traded hands. This was the 13th consecutive week that we recorded annual sales gains.
New listings came in at 187, up by six from last week and down five from the same week of 2019.
As is typical at the close of any month, a good handful of active listings (82) reached the end of their term and expired to bring MLS® inventory lower to 1495. That number is down from last week’s close by 57 listings and lower from the same time last year by 403 listings.
Today, the inventory consists of 832 single-family homes, for a weekly decline of 44 and an annual drop of 324. Additionally, there are 571 condo units, down just five from last week’s close, and lower by 72 from a year ago.
The 30-day sales number grew to 487, up from a six-week low of 464 recorded last week.
Given that active listings fell lower this week and sales increased, the “months of inventory” measure dropped from 3.3 last week to three this week, pushing us a little deeper into seller’s market territory. We had been moving back towards a more balanced market over the past six weeks.I expect this blip to be temporary.
With just a small handful of trades above the $500,000 mark, the weekly average price took a $23,000 dive to $337,985 while the weekly median was hardly changed at $337,000.
The six-week average price had been on a six-week streak of gains, and that came to a close this week as the measure fell lower by just a couple of hundred dollars. This week it was $357,012 which is about 34K higher than it was at this time last year. The four-week median price fell lower by just $500 compared to the previous week. It settled at $337,000 for an annual increase of $27,000.
Overbid sales doubled compared to the previous week as 12 sellers managed to navigate a multiple offer situation that paid a bonus averaging $6,382. There was one deal that closed $30K above list price. Meanwhile, 109 sales closed below the seller’s asking price to net buyer’s an average discount of $10,570.
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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