It was another strong week for the Saskatoon real estate market. Local REALTORS® reported 74 firm residential trades to the multiple listing service®. That’s down just one sale from the previous week, and lower annually by three. This was the fifth consecutive week in which sales fell on an annual basis.
The new listing activity grew, thankfully, and came close to reaching numbers generated during our previous peak week for the year. There were 131 new listings added to the MLS® this week, up by 30 units from the previous period. That’s 17 fewer Saskatoon homes than were offered for sale over the same week last year.
Despite listing activity that outpaced sales considerably, a large handful of canceled and expired listings kept the inventory of active MLS® listings from moving much. This week, it grew by just five units to reach 865 but fell lower annually by 164.
There are 338 Saskatoon houses for sale today, up by three from last week, and down 55 on a year-over-year basis. Condo inventory sits at 425, up fby our from last week and lower annually by 107.
Meanwhile, the number of homes to sell in Saskatoon over the past 30 days took its second significant upward move. That number sits at 261 at the close of this week, which is 38 units higher than it was seven days ago.
“Months of inventory” suffered another serious blow as sales activity climbed and headed back towards the bleak numbers we were seeing through the last half of 2021.
All residential - 865 active listings / 261 sales = 3.3 month supply (down 0.6 months from last week).
Single-family homes - 386 listings / 154 sales = 2.5 month supply (down 0.4 months from last week).
Condos - 425 listings / 90 sales = a 4.7 month supply. (down 1 full month from last week and now down 2.5 months over two weeks).
This week saw a large number of upper-end sales that pushed the average and median price for the period sharply higher to $373,613 and $393,043 respectively.
The four-week median price was steady at $335,000 for the second week in a row but remained higher annually by $22,000. The six-week average price grew again, now for the second consecutive week. It was up about $2,500 from last week and higher annually by roughly $11,400.
The number of sales that were reported sold at a price exceeding the list price fell by more than 50% to just five, and the overage overbid tumbled to $2,450. Meanwhile, 52 residential deals went firm selling for less than the asking price by an average of $10,454.
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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