Merry Christmas to all who celebrate!
Home sales fell lower this week, as they typically do at this time of year. Saskatoon real estate agents reported 53 firm residential trades, down from 70 last week, but well up from just 18 over the same week last year.
New listings took an even bigger dive. Across the week, 39 Saskatoon home sellers put up a for sale sign. That’s fewer than we saw last week by 31, but higher than the same week last year by 11.
Active MLS® listings continued the trend that began in September and fell lower to 1038. That’s down 32 units from last week’s close, and below levels recorded at this time last year by 309.
Today’s totals include 503 condominiums, down 11 from last week, but up 14 when compared against numbers recorded at the end of the same week last year. Available single-family homes fell lower by 23 compared to the previous weekend settled at 471. That’s 320 fewer houses than could be found on the multiple listing service® a year ago.
Overall supply, relative to demand, improved slightly this week, even with 30-day sales at a low point since the market hit the COVID tank in April. This week, that number came in at just 294 which leaves us with a 3.5 month supply of homes, up from 3.4 last week.
1036 active listings / 294 sales = 3.5 months. This is up from 3.4 months last week.
Sales activity at the entry-level of the Saskatoon real estate market remained strong and brought both the average price for the week and the weekly median price lower to $321,053 and $310,000 respectively.
The six-week average price slipped lower by about two thousand dollars this week and finished the period at $336,984. That’s higher than it was at this time last year by just over five thousand dollars. The four-week median price came in at $333,000 for a weekly drop of five thousand dollars and an annual increase of more than 16K.
Two lucky Saskatoon home sellers saw a deal firm up for more money than they had asked. Those deals paid a bonus of $5,100 and $10,100 for an average of $7,600. On the flip side of the negotiating table, 43 of the week’s 53 deals closed below the asking price to net those buyers an average discount of $11,809.
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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