It was another week of year-over-year sales gains in the Saskatoon real estate market, now for the seventh consecutive week. Local REALTORS® put up a sold sign on 116 Saskatoon homes. That’s down three from last week, and up 20 from the same period last year.
Sales for the previous 30 days are at 519, versus 530 at last week’s close. That’s too close to call but could be an indication that we’ve now passed our peak sales period for 2020. Plenty of momentum remains and it appears that we’re in for a decent run of sales activity. We’ll keep our eyes on this measure.
Another notable stat can be found in the year-to-date unit sales numbers. At the close of the week, a total of 2058 Saskatoon homes had traded this year. That’s higher by two from the same date last year. This is the first time we’ve posted an annual unit sales increase since April 9 when we fell into negative sales territory annually.
New listings continued to come onto the market at elevated levels as well. This week saw 192 properties offered for sale on the multiple listing service®, down three from the previous week, to beat last year’s numbers by 25.
The total number of active listings available to Saskatoon home buyers grew for the second week in a row to reach 1568. That’s up 23 units from last week’s close, but significantly below the 1949 homes that were available a year ago.
The other important difference between last year and this year is the number of homes that appear in the inventory which are already under contract. Eager buyer agents who are attempting to arrange viewings for their buyers are hearing, “sorry, this one is conditionally sold” far more frequently this year.
Today’s total includes 879 single-family homes. That’s up 15 from last week, and down 240 units annually. There are also 599 Saskatoon condos for sale, up 11 from last week, and down 228 from a year earlier.
The supply/demand ratio improved ever so slightly in the favour of buyers as our “months of inventory” grew from 2.9 at last week’s close to 3 months this week. Still, this measure remains firmly in seller’s market territory.
Upper-end sales activity ramped up and brought the weekly median sale price higher to $340,250. That little rally on luxury homes also contributed to an increasing weekly average which grew by more than 10K to reach $348,380.
The six-week average price moved up by a modest two thousand dollars to hit $339,887. That’s higher annually by about thirteen hundred dollars. The four-week median price took another large step up to reach $337,500 to close the week up 8K from last week, and higher annually by six thousand dollars.
Overbid activity in the resale sector fell lower with just five sellers reported to have settled on a price that was greater than the list price. That’s down from 11 a week ago. The average overbid also fell sharply from $5,839 last week to just $1,980 this week. Meanwhile, 99 of 116 deals closed below the seller’s asking price to net those buyers an average discount of $10,643.
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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