The Saskatoon real estate market continued to simmer pretty well this week with local agents reporting 87 firm residential sales to the multiple listing service®. That is seven fewer trades than we saw the week before and 28 more sales than were processed over the same period last year.
After hitting the high point for 2021 last week, the new listing activity took a hard fall, dipping to just 119 units. While lower on a weekly basis by 47 properties, we were considerably higher annually. Over the same week last year, Saskatoon real estate agents brought in just 73 residential real estate listings.
Active listing inventory once again failed to get any upward traction. Instead, we finished the week down by 10 units. There are currently 1044 active listings in the residential category, down by 333 units from where we sat a year ago,
There are now 459 single-family homes appearing as active, up 16 from last week’s close, and down from 792 a year ago. There are 542 Saskatoon condos bearing an active status on the MLS®. That’s three fewer than we had a week ago, but higher annually by 41.
30-day sales grew again and are now at 363.
Here’s what “months of supply” looks like across the broader market, and by category.
All residential - 1044 active listings / 363 sales = 2.9 month supply (Seller’s market conditions).
Single-family - 449 listings / 236 sales = 1.9 month supply (Extreme seller’s market conditions).
Condos - 542 listings / 104 sales = 5.2 month supply. (Balanced, and improving now for the third week in a row).
The entry-level market was highly active this past week producing 19 sales below 200K, most of them condominiums. This activity brought the weekly median price lower to $313,750. Still, the average sale price for the week managed some small gains, thanks to a big sale at $1.6 million. It came in at $352,610.
The six-week average took a small dip falling close to two grand and settling at $345,474. That’s higher than it was at this time last year by fifteen thousand dollars.
The four-week median price grew by 5K weekly to hit $325,000 for an annual gain of $4,625.
The number of sellers who closed a deal at a price that exceeded the asking price remained steady at 11. Those sales netted the sellers an average bonus of $7,408. That’s 50% higher than it was last week. On the flip side of the negotiating table, we saw 67 sales close below the asking price with a net average discount of $13,467. That number is skewed higher as a result of the $150,000 discount on the highest priced sale for the week. Take that one out of the picture and the average looks more like $11,000.
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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