The Saskatoon real estate market generated its highest sales number for the 2022 calendar year this week as 92 homes moved from active to sold on the MLS® system. That’s a large jump from the previous week when just 67 sales were reported, and ahead of the same week last year by five. This is the first in the past nine weeks in which sales grew on a year-over-year basis.
After reaching a new high for the year the number of new listings that were added to the multiple listing service® fell lower. Local REALTORS® brought just 135 Saskatoon homes to the system this week, down 22 units from last week, but higher annually by 16.
By the time dust of sales, new, expired, and canceled listings had settled, the inventory of available homes had slipped lower this week. At the close of business Friday, there were just 920 Saskatoon homes for sale, down two from the previous week’s close, but lower by 124 compared to what was available at the end of the same week last year.
Today’s totals include 424 single-family homes, down one from last week, and lower on a year-over-year basis by 35. There are 444 condo listings available today, up by eight from a week ago, and lower annually by 98.
30-day sales took substantial gains as they grew from 285 last week to 321 this period.
“Months of inventory” deteriorated to new lows, and fell deeper into seller’s market terrain in two of three categories.
All residential - 920 active listings / 321 sales = 2.9 month supply (down 0.4 months from last week).
Single-family homes - 424 listings / 196 sales = 2.1 month supply (down 0.4 months from last week).
Condos - 444 listings / 108 sales = 4.1 month supply. (down 0.3 months from last week and now on the cusp of slipping back into a seller’s market).
With 22 sales posting a price above $500,000 the average sale price of a Saskatoon home was up handily this week to $376,622 while buoyant activity at the lower price points saw the median price for the week slip lower to $351,000.
The six-week average price of a Saskatoon home took its fourth consecutive weekly gains as it grew just under two thousand dollars from last week to reach $362,921. That’s ahead of where it was a year ago by $17,500.
The four-week median also grew to add five thousand dollars compared to the previous week. It closed the week at $350,000 to take an annual increase of $25,000.
The number of Saskatoon homes to see enough interest to drive a bidding war slipped from ten to nine this week, while the average overbid spiked from $8,740 last week to $12,589 this period. Meanwhile, 67 homes were reported to have sold below the seller’s asking price with an average discount of $10,793.
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.
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