Saskatoon real estate agents reported 94 firm residential sales to the multiple listing service® this week, up by seven units when compared to the previous week, and higher annually by 37 sales.
As February draws to a close, 630 Saskatoon homes have already traded this year. That amounts to a 40 percent increase over the same period last year.
The new listing activity saw a welcome spike as 164 Saskatoon homeowners offered their homes for sale on the MLS®. That’s higher than last week by 45 units, and up annually by 29.
New listing activity year-to-date is at 1141, up from 1101 for the first two months of 2020.
The inventory of active Saskatoon real estate listings saw its largest single-week gain for 2021. They grew from 1044 last week to 1078 today. On an annual basis, active listings fell by 260 units.
Today, there are 464 single-family homes showing an active status on the MLS®. That’s higher than it was last weekend by 15, and sharply down from 816 a year ago. Condo inventory is at 546 today, up by four from a week ago, and up by roughly ten percent annually from 492.
30-day sales grew again as they have each week this year, this week reaching 385.
Here’s what “months of supply” look like across the broader market, and by category.
All residential - 1078 active listings / 385 sales = 2.8 month supply (Lower than last week by 0.1 months. Seller’s market conditions).
Single-family homes - 449 listings / 246 sales = 1.8 month supply (Down 0.1 months from last week. Extreme seller’s market conditions).
Condos - 546 listings / 116 sales = 4.7 month supply. (Balanced market, now for the fourth week in a row, and this week falling by 0.5 months).
Strong activity with homes priced above $500,000 pushed the weekly median price and the weekly average price higher to $365,950 and $370,318 respectively.
Taking a longer view, the six-week average price grew to $350,106 for a weekly increase of just under five thousand dollars and finished up annually by 24K. Meanwhile, the four-week median price jumped 15K from last week to reach $340,000 for a year-over-year increase of $21,000.
A smaller percentage of sales attracted bids that exceeded the seller’s asking price than we saw last week. That number fell to eight from 11. The average overbid also fell lower to $5,463. That’s about two thousand dollars lower than it was the previous week. On the other hand, 71 of this week’s 94 sales closed at a price below the listed price by an average of $9,414.
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.
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