After four consecutive weeks of gains, unit sales slipped modestly. Saskatoon real estate agents reported 77 firm residential sales to the multiple listing service®. That’s down three sales from the previous week, but up annually by 16.
The number of Saskatoon homes listed for sale over the last week grew to 147, thanks in part to the 58 listings that came to the end of their term as January closed, many of which returned to the system as a new listing. This week’s new listing numbers are up 19 from the previous period, and higher annually by 27.
Of course, the month of January came to a close this week with a total of 278 Saskatoon homes trading through the MLS®. That amounts to an increase of 27 percent compared to January of 2020 when 219 homes sold.
Once again, the database of active Saskatoon real estate listings failed to make gains. This week they actually slipped to 1029, down six from the previous week’s close.
According to my research, today we have just 441 single-family homes showing an active status on the MLS®. That’s 10 fewer than we had a week ago, and down 335 units, or 43 percent from this time last year. Condo inventory sits at 532 today, up by four from a week ago, and further up by 31 when compared to numbers recorded at the close of the same week last year.
Thirty-day sales saw another large spike as the last of the holiday week sales fell out of the equation. Over the past month, we’ve seen 315 sales.
1029 active listings / 315 sales = 3.3 months of supply, down from 3.6 months at last week’s close.
That brings our supply of detached single-family homes to a new low of just 2.1 months. Condos showed some growing strength as 30-day sales grew to 86. That gives us a 6.1 month supply which is approaching a more balanced territory. Just last week this measure was greater than seven months.
A bit more activity in the highest price ranges brought the weekly median sale price to its highest point this year, $325,000. The average sale price for the week edged up slightly to $342,873.
The six-week average price increased by three thousand dollars from last week to reach $346,670. That’s up annually by roughly twenty-two thousand dollars.
The four-week median price grew by $2,750 from last week to reach $315,000. That’s lower than it was at this time last year by ten thousand dollars.
Overbid sales increased by one this week, to nine. Those sellers saw an average bonus of $3,661 which was well down from last week’s average of $8,975.
Buyers fared well and managed to negotiate an average discount of $9,067 on the 61 of 77 sales that did report a sale price below the listed price.
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.
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