The Saskatoon real estate market is already showing signs of ramping up as the first week of 2021 comes to a close.
Local agents reported 60 firm residential sales to the multiple listing service® to nearly double production from the first week last year when sales had slipped to just 33 units.
The new listing activity also came on strong as sellers who are eager to take advantage of the lowest levels of inventory that we’ve seen in more than seven years. Saskatoon home sellers offered up 160 new residential listings. That’s way up from the annual low of just 34 new listings the week before, and it tops numbers seen over the same week last year by 25.
The number of active listings available for home buyers reversed course after a 15-week trend of declines. This morning, there were 975 Saskatoon homes for sale on the MLS®, up from 910 at the close of the previous week, but well down from the 1268 properties available at this time last year.
Single-family home numbers are at 427 today. That’s a solid increase of 27 from the previous week’s close, but it remains substantially lower than the 731 houses that were for sale a year ago. Condo inventory sits at 486 today, up 32 from a week ago, and up by nine annually.
Thirty-day sales fell again to 238, the lowest number we’ve seen since April of last year when the first COVID lockdown was well underway. With inventory at 975 units, that amounts to a 4.1 month supply of Saskatoon homes, the strongest number we’ve seen in many months. That actually moves us into balanced territory, but I expect that to be short-lived. This is not an ideal place to be as we begin moving towards spring and demand begins to grow.
The distribution of sales in various price ranges looked similar to the previous week. The median sale price of a Saskatoon home grew modestly to $321,950. Four big sales at the top of the value range that averaged nearly $1.3 million dollars each pushed the average price for the week sharply higher to $404,421.
The six-week average price soared to $354,624. That’s higher than it was last week by fourteen thousand dollars, and way up from the same week last year when it hit $326,815. The four-week median price slipped a bit lower to $327,000 for a weekly decline of two thousand dollars and an eleven thousand dollar increase from a year ago.
Home sellers hoping for an above list price offer were left wanting. There were seven new homes that reported a price at or above list price, but those typically include added improvements not anticipated in the list price (ie: buyer and seller agree to add basement development). Buyers made away with a discount averaging $11,964 on 53 of the week’s 60 sales.
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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