Following a modest dip in sales last week, home sales activity ramped up again. Saskatoon real estate agents reported 94 firm sales to the multiple listing service® to reach a new weekly high for 2021. This week’s numbers are up 17 units from last week and exceed sales for the same week last year by 41.
New listings also came on strong climbing from 147 last week to 166 for the current period and recorded an annual increase of 41.
The inventory of active MLS® listings inched up to 1053, higher by just two dozen units from the close of the previous week, and down from 1382 a year ago.
Today’s numbers include 443 single-family detached homes, up by two from last week, and down from 805 a year ago. Condo inventory sits at 545, up 14 from last week, and further up by 42 when compared to units available at this time last year.
That said, 30-day sales took another big leap climbing from 315 last week to 347 for the current period.
Let’s have a look at “months of inventory.”
All residential - 1053 listings / 347 sales = 3 month supply, down from 3.3 last week. (Seller’s market conditions)
Single-family - 443 listings / 228 sales = 1.94 month supply (Extreme seller’s market conditions)
Condos - 545 listings / 96 sales = 5.7 month supply. (Balanced for the second week in a row)
After reaching an annual high last week, the weekly median sale price moved up again, this time to $333,950. The weekly average price also edged higher, gaining just a few thousand dollars to hit $346,368.
The six-week average grew by less than a thousand dollars to reach $347,109. That’s 23K ahead of where it was a year ago. The four-week median price fell lower to $320,000 for a weekly decline of $5,000 and an annual drop approaching thirteen thousand dollars.
The number of overbid sales grew to 11 this week. Those deals closed at, on average, $4,973 above the list price. Meanwhile, 73 of this week’s 94 sales reported a sale price that was below the seller’s asking price by an average of $11,563.
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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