This week was an interesting one. I have several buyers whom I’m working with and I can just feel the market ramping up. Most of the single-family detached properties that I inquire about are conditionally sold. Bottlenecks are starting to appear as buyers line up to view new listings.
I commented to one agent ahead of me in a showing queue that the market has kind of a “gross 2007 feel to it.” It’s frustrating for buyers when listings sell within hours of hitting the market, and before they can leave their workplaces.
Saskatoon home sales ramped up again this week with local REALTORS® reporting 80 firm sales to the multiple listing service®, up by ten from last week, to top sales for the same week last year by 19 units.
Total residential sales for January are at 278, up 27 percent from January of 2020.
New listings managed to make some ground as they increased by 13 from last week to reach 128. That’s the second-highest weekly listing volume so far this year. During the same week last year, 115 Saskatoon homes hit the market.
The inventory of active listings edged up ever so slightly, closing the week at 1035 for a weekly increase of 17 and an annual drop of 290 units.
Today, buyers have a selection of 451 detached homes that appear to be active, equal with last week, but down from 763 at this time last year. Again, once one gets inquiring about these listings, we’re hearing, “sorry we’ve accepted an offer”, more often than not.
Additionally, there are 527 condominiums available, up from 509 last week, and further up from 493 a year ago. While things might even look a bit bleak for condo sellers, as the price of single-family homes increase (and that is very clearly happening right now) condos will grow in attractiveness to a segment of the market.
Thirty-day sales grew sharply to 285 this week. That growth, coupled with a modest increase to the listing inventory, moved our “months of supply” measure lower from 4.2 last week to 3.6 months today, back into seller’s market territory.
Today, we have a 2.4 month supply of single-family homes and a 7.1 month supply of condominiums.
Upper-end activity continued to be particularly strong. The median sale price for the week slipped nearly four thousand dollars to $311,250 while the weekly average price stayed stable at $341.404.
The six-week average price took its third consecutive weekly decline slipping about four hundred dollars to $343,752. That’s higher than it was at the close of the same week last year by 13K. The four-week median price fell twenty-seven hundred dollars from the week before to close the week at $312,250. That’s actually down ten thousand dollars annually.
I mentioned at the opening of this post that the market is challenging for buyers and that the overall feel of the market, for me, shifted this week.
Overbid sales went from three last week to eight this period. Those eight sales went, on average, $8,975 above the seller’s asking price. Most of that activity occurred in east side neighbourhoods that are south of College Drive and West of Circle Drive. Seven of the eight overbids occurred in these areas and most were single-family homes priced between $300,000-$400,000.
Still, 64 of 80 sales went for less than the asking price to net those buyers an average discount of $9,239.
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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