This week saw the highest number of Saskatoon real estate sales for any week, ever. I went back through weekly sales to the beginning of 2009 when I started tracking these numbers on a spreadsheet and no other week comes close.
Local REALTORS® reported 147 firm home sales this past week, up 28 from the previous week, for a year-over-year increase of 60 units. Huge!
This marks the ninth consecutive week in which sales grew annually. As July closed, we are now at 2324 sales for the year, up from 2234 at the same time last year.
Sales for the past 30 days are at 550, the highest level this year, breaking a run of three weeks of modest declines.
New listing activity matched sales at 147 units, That’s down 31 from last week, and lower than the same period last year by 21. This was the first week in four in which new listings fell below last year’s levels.
As the calendar turned, 67 listings came to the end of their term and dropped out of the inventory bringing the total number of active listings available to local home buyers lower. As of this morning, there are just 1483 MLS® listings in the residential category, down from 1567 a week earlier. At the close of the same week last year there were 1877 Saskatoon homes for sale.
Today, there are 845 detached houses displaying as active, down from 1100 a year ago. Condo inventory is at 560, lower than it was a year ago by 115.
With 550 sales over 30 days and active listings at 1483, the “months of inventory” measure fell to just 2.7 months, the lowest level we’ve seen since 2007.
With far fewer sales at the entry-level this week, the median sale price for the period bounced back nearly 70K to $354,900. Upper-end sales, including a deal that topped the $1.5 million mark drove the average sale price for the week sharply higher to $369,020.
The six-week average price took another step higher this week. It grew by just over eight thousand dollars to reach $349,458 for an annual increase topping 11K. The four-week median price also saw a nine thousand dollars weekly gain. It reached $334,000 to top the number recorded for the same week last year by $19,000.
There were 18 resale trades that reported a sale price that was higher than the seller’s listed price. That’s a new record for this year. There was one home that went more than 20K above list, and a few others that were five-figure overbids, and many were over by just a hundred bucks. Overall, those overbids averaged $3,784. Meanwhile, 115 of the week’s 147 sales went for less than list price to net the buyers an average discount of $11,217.
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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