Saskatoon real estate agents reported 70 homes sold this week to wrap up the 28th consecutive week in which sales met or exceeded those recorded over the same period last year. This week’s sales numbers are up by seven units from the previous week’s tally, and up by four when compared to the same period last year.
The new listing activity took a massive dive falling from 120 last week to just 75. On an annual basis, new listings slipped by just one. Listing activity is always fairly weak from mid-December through to the early new year.
The inventory of active MLS® listings took its largest single-week dip this year, falling by 54 units to settle at 1068 by the close of business Friday. That leaves buyers with 285 fewer options than were available a year ago.
Condo inventory grew slightly from 496 a year ago to 515 today while the inventory of single-family homes was down sharply having fallen from 792 at this last year to 494 today.
Let’s dive into our supply/demand measurement of “months of supply.” Again, we can measure the balance between the two by dividing the total number of active listings by the number of sales over the past 30 days. If the “months of inventory” falls below four, we would call that a “seller’s market”. A supply of four to six months is “balanced”. A supply greater than six months is a “buyer’s market.”
This week, 30-day sales fell to 317 continuing the trend that’s been clear for the past three months.
1068 active listings / 317 sales = 3.4 months. This is up from 3.2 months last week.
Sales activity below the $250,000 mark was strong enough to bring the weekly median sale price, and the weekly average price lower to $330,500 and $342,949 respectively.
Meanwhile, both of our longer-term price measures moved higher.
The six-week average price broke a six-week losing streak as it grew from $334,306 last week to $339,171. Over the same week last year, this measure fell unusually low so we’re seeing a 17K annual gain this week.
The four-week median price took a big jump from $328,500 last week to $338,000. That’s up by $22,000 from the close of the same week last year.
Above list price sales fell to four. Those sellers took an average bonus of $5,433. Meanwhile, 59 of the week’s sales were reporting a sale price that was lower than the list price by an average of $13,188.00.
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.
This will be my last pre-Christmas report. To those who celebrate, we wish you a wonderful Christmas. Regardless of your customs, I hope you can find the time to relax, refresh, and enjoy time with those in your household over the holidays.
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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
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