For the first time in ten weeks, Saskatoon real estate sales cooled enough to fall back into double-digit territory. Over the past seven days, local agents reported 92 firm residential sales, down from 106 last week, but way up from the same week last year when just 50 Saskatoon homes traded. This was the tenth consecutive week in which sales grew on an annual basis.
Meanwhile, 195 new residential listings hit the market. That’s up from 173 last week and it tops listings for the same period last year by 29 units.
The large gap between sales and new listings brought active listing inventory higher to 1520 for a weekly increase of 30, and an annual drop of 502.
Today’s tallies show a selection of just 869 single-family detached homes for sale, up 30 from last week and down from 1118 a year ago. Condo inventory slipped lower by three this week to 571 which is sharply lower than the 775 units available at the close of the same week last year.
Sales for the past 30 days came in at 517. That leaves us with a supply that would take just under three months to exhaust. A market that strongly favours sellers persists. Of course, as usual, things can look very different from one area, or one category to the next. If you’re curious to know how your property fits into the market, reach out for a chat. You can book that here.
Brisk sales activity for homes priced between $200,000 and $300,000 brought the weekly median sale price lower by 10K to $332,450. In spite of some big sales, including one over a million dollars and two others that topped the three-quarter million-dollar mark, the average sale price for the week also fell lower. It came in at $351,200, nearly 20K lower than last week.
The six-week average price moved higher for the sixth week in a row. It closed the period at $352,860 which is up about fourteen hundred dollars for the week and more than 20K annually. The four-week median price fell lower by $2,500 to finish the week at $338,950. That’s nearly 14K higher than it was at the close of this same week in 2019.
There seemed to be a notable difference in the pace and tone of the market this week. The activity was softer on the sales side, and there was far less overbidding. Just three sales were reported above the seller’s asking price this week. The average overbid was $3,033. Buyers managed a discount averaging $10,227 in 84 of the week’s 92 sales.
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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