Saskatoon real estate sales moved higher this week as 91 residential listings were switched from the active category to “sold”. That’s just one sale short of our previous peak week for 2022, up 13 units from the previous week, but shy of numbers recorded the same week of last year, also by 13.
After falling lower for the past two weeks, the new listing activity spiked higher, thanks in part to 44 expired listings, many of which were immediately re-listed. There were 168 new listings processed by the Saskatoon MLS®, up from 117 last period, but well below the 214 listings that were added over the same period of 2021.
The number of Saskatoon homes showing an active status on the multiple listing service® failed to gain ground. We finished the week with 942 active listings, up just one from a week ago. That’s 179 fewer listings than were available a year ago.
Single-family homes inventory grew by 12 to reach 461 while condo inventory fell lower by five to 424.
30-day sales grew again, this week reaching 352, up from 339 last week.
“Months of inventory” remained stable in two of three categories.
All residential - 942 active listings / 350 sales = 2.7 month supply (down 0.1 months from last week).
Single-family homes - 461 listings / 207 sales = 2.2 month supply (the same as last week).
Condos - 424 listings / 122 sales = 3.5 month supply. (the same as last week).
After falling to $305,000 the previous week, a little more action in the mid to upper price ranges brought the median sale price for the week higher to $359,900 while the average sale price grew more modestly to $348,029.
Both of our longer-term measures stayed the course showing almost no change. The four-week median price came in at $349,900. That’s the third week in a row that it's been nearly unchanged, and it's on par with where we were at the close of the same week last year.
The six-week average price grew by $60 from last week to reach $362,627. That’s higher on a year-over-year basis by $13,000.
Overbid sales grew by 50 percent this week reaching 16. On average, those 16 sales paid the sellers a bonus of $12,931. Meanwhile, 57 of the week’s 91 sales were reported to have sold for less than the seller’s asking price by an average of $9,105.
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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