The local housing market continued to make large unit sales gains on a year-over-year basis as Saskatoon real estate agents reported 70 firm sales to the multiple listing service®. That’s up just two from last week, but higher on an annual basis by 18.
New listing activity fell lower for the second week in a row. A total of 155 Saskatoon homes were added to the MLS® over the course of the week, down 12 from the previous week but matching listings numbers for the same period last year.
The number of Saskatoon homes available on the MLS® grew again moving back above 1000 units for the first time in weeks. Today, we have a total of 1018 MLS® listings in the residential category. That’s up 25 units from last week’s close and 333 fewer listings than were available at this time last year.
The inventory consists of just 451 single-family homes, down from 776 a year ago, and 509 condominiums, higher annually by four.
In a nutshell, demand for Saskatoon housing is up 35 percent from January of last year, while supply has declined nearly 25 percent. Hold on, folks!
Thirty-day sales held steady at 240 units this week. That leaves our “month of inventory” up slightly from last week to 4.2 months. Condo inventory sits at 7.7 months today, while single-family homes inventory remains low at 2.9 months, which is an improvement from a week ago.
Sales activity for homes priced above $500,000 was through the roof this week, at least compared to the past few weeks. The weekly median price shot higher to $315,000 while the weekly average price grew by close to ten percent to reach $342,916.
The six-week average price fell lower for the second consecutive week. It settled at $344,122 losing just over two thousand dollars from the previous week but finished higher annually by ten thousand dollars. After falling lower in each of the last four weeks, the four-week median price changed directions and grew by three thousand dollars to take an annual drop of $3500.
Once again, three Saskatoon homes sold above the asking price but the amount of the overbids more than tripled from last week to $12,233. One of the three was a modest $100 over, one was $15,500 over asking, and the third went $21,100 above the asking price. All three were single family homes. Meanwhile, 55 of 70 sales sold for less than the asking price. Those buyers netted an average discount of $16,635 which is well above the average lately.
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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