Saskatoon home sales began to pick up a bit of steam as 75 residential properties were reported sold to the multiple listing service®. That’s up by 25 sales from last week, our previous high point for the year. It fell short of numbers reached over the same period last year buy just five sales. Each of the first four weeks of 2022 saw lower sales annually, but this week’s drop was the smallest.
The new listing activity, unfortunately, remained far lower than what we’d like to see with just 101 Saskatoon homes being offered for sale. That beat last week’s numbers by ten but fell lower annually by 27.
Active listing inventory took a small downward turn falling by four units from last week’s close to 860 to leave us down on an annual basis by 175.
There are 421 condos showing an active status today, down from 527 a year ago. Additionally, there are 383 single-family homes that still have a for sale sign, for an annual decline of 68.
After six consecutive weekly declines which brought 30-day sales to their lowest point in a year, that number grew from the low of 186 last week to 223 this week. With a strong week of sales and weaker new listing activity, a big bite was taken out of “months of inventory”. Here’s what that looks like today.
All residential - 860 active listings / 223 sales = 3.9 month supply (down 0.8 months from last week to record the first drop in eight weeks, one large enough to push us back just inside of a seller’s market.)
Single-family homes - 383 listings / 132 sales = 2.9 month supply (down 0.7 months from last week, for the first decline in six weeks).
Condos - 421 listings / 74 sales = a 5.7 month supply. (down 1.5 months last week and now back into balanced market territory).
I expect these numbers will continue to erode until we approach levels we were hitting at the close of the third quarter of 2021, or worse.
A growing number of upper-end home sales (17 sales above $500K with one selling at a price approaching $1.5 million) pushed the weekly average sale price higher, while even more trades at $250K or less pushed the weekly median lower to just $314,000.
After falling for six consecutive weeks, the six-week average price took a small increase growing by just over a thousand dollars from last week to reach $355,494, and claimed an annual gain of twelve thousand dollars.
The four-week median price, which had slipped lower eight weeks in a row also saw a small increase this week as it grew $1500 from last week’s close reaching $335,000. That’s up by $22,750 from where it stood a year ago.
Overbid sales grew to 11 this week. These sellers saw an average bonus of $8,612 above their asking price when the dust had settled. Another 55 deals reportedly closed below the seller’s asking price to net those buyers an average discount of $14,955. That number was skewed by a single sale that went below the list price by $145,000.
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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