Saskatoon homes sales moved higher for the second week in a row but still remained at seasonally slow levels. Local agents reported 50 firm residential transactions, up from 41 last week, and lower annually by 28. That’s the second week in a row that sales have been lower when compared to the same week last year.
The new listing activity grew again, this week reaching 131 for a weekly increase of eight listings, which is higher by four compared to activity over the same period of 2021.
The inventory of active Saskatoon real estate listings made its first upward move for 2022 finishing the week with 855 residential properties showing an active status on the MLS®. That amounts to a weekly gain of 24 units and an annual decline of 135 homes.
A closer look by category shows that buyers have just 387 single-family home options today. That is higher than what was available last week by seven units, but down by 46 (10%) from last year at this time. There are more options in the condo category with 419 units to choose from, up 19 from a week ago, but down 78 (15%) from the close of the same week last year.
It’s certainly concerned to be moving into the year with significantly lower inventory, now for the fifth year in a row.
30-day sales fell again, this week settling at just 205, the lowest level in well over a year. Here’s what “months of inventory” look like today.
All residential - 855 active listings / 205 sales = 4.1 month supply (up 0.4 months from last week and now up for the sixth consecutive week. This is the first time we’ve visited “balanced market” territory since early last year)
Single-family homes - 387 listings / 128 sales = 3.0 month supply (up 0.3 months from last week, and improving for the fourth week in a row).
Condos - 419 listings / 66 sales = a 6.3 month supply. (up 0.3 months last week and now in buyer’s market territory).
These major shifts in “months of inventory” are likely more a result of the holiday season than anything. Demand falls off a cliff over Christmas every year. With sales numbers so low anything can happen. By mid-January, I can already sense that the market is about to get cooking again as more buyers get back to the business of finding a home.
With just five transactions posting a price over $500,000 and 11 coming in below 200K, both the weekly median price and the weekly average fell significantly lower to $310,000 and $329,522 respectively.
The six-week average price inched lower for the third consecutive week. It finished down from last week by a little more than five thousand dollars to settle at $361,080, high enough to take an annual increase of fifteen thousand dollars.
Meanwhile, the four-week median price fell modestly lower to finish the week down $1500 at $343,500. That’s higher than it was at this time last year by $31,500.
On the heels of the only week in a year that produced absolutely no overbids on resale homes, buyers showed early signs of enthusiasm as seven of them got caught up in a bidding war which resulted in an above list price sale with an average overbid of $7,086. Another 39 deals were reporting a price below the listed price by an average of $10,772.
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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