On the heels of the slowest sales week for the Saskatoon real estate market since the end of February, sales bounced back. This past week, local REALTORS® reported 116 firm residential deals to the multiple listing service®. That amounts to a weekly increase of 27 sales and an annual gain of 24.
New listing activity grew even more. This week 230 Saskatoon homeowners offered their property for sale. That’s up 41 units from last week and a 35 unit increase when compared against listings generated over the same week last year.
After three consecutive weeks of declines, the total number of active listings for sale on the MLS® took some modest gains as the inventory hit 1471, higher than last week’s close by 18, but lower annually by 49.
Today’s inventory consists of 785 single-family homes, for a weekly increase of 17, but down 116 units on a year-over-year basis. Condo inventory held steady at 608 for an annual increase of 37.
After falling lower for eight consecutive weeks, the number of Saskatoon homes to have sold over the previous 30 days grew from 483 to 489.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1471 active listings / 489 sales = 3.0 month supply (the same as last week)
Single-family homes - 785 listings / 301 sales = 2.6 month supply (the same as last week).
Condos - 608 listings / 153 sales = a 4.0 month supply. (down by 0.1 months from last week).
Significantly more sales at price points above $500K pushed both the weekly median price and the weekly average sale price higher to $377,750 and $370,353 respectively.
The six-week-average price still managed to slip lower dropping about four thousand dollars from last week to $358,586 to manage a small annual increase of under six thousand dollars. The four-week median price stayed even with numbers produced the week before. It came in at $343,000 this week for a four thousand dollar year-over-year increase.
Overbid sales grew to 13 this week while the average overbid took a large jump to $9,854. That’s up about 60% from where it’s been over the past few weeks. Meanwhile, 82 of the week’s sales were reported to have sold below the seller’s asking price by an average of $9,948.
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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