Saskatoon real estate agents put some big numbers on the board again this week as 128 Saskatoon homes traded hands. That’s 20 more than were sold the previous week, and 26 more than were sold the same week last year.
It is, in fact, the highest number of home sales for any week in at least the past 3.5 years. Wow!
June is on a real tear to make up for what was lost over April and May. At the close of business Friday, 333 Saskatoon residential sales had already been processed for June. That’s up from 239 at the same time last year.
New listings are also coming on the market at a spring-like pace. This past week, 181 homes were added, up from 166 last week, and up on the same period last year by six.
Total active MLS® listings grew again to reach a new peak level for 2020 at 1578 homes. That amounts to a modest weekly gain of 35 units, but it’s lower annually by 400 units, a 20 percent decline.
The number of single-family homes for sale in Saskatoon is at 906, down from 1142 a year ago. Condo numbers are at 597 today, lower than last year by 117.
With 480 residential sales having occurred over the past 30 days, the “months of inventory” dipped to a new low of 3.3 months, well into seller’s market territory.
The sales activity across various price points remained stable compared to the previous week. The weekly median price was down just a few hundred dollars to $308,250 and the weekly average moved even less. It finished the week at $327,320.
The six-week average price fell lower by 5K from the previous week to $341,711 but finished higher annually by $7200. The four-week median price took its fourth consecutive weekly decline to finish the week at $319,500 which is lower than it was a year ago by fifteen hundred dollars.
There were many reports from the field of “multiple offers” being generated on some listings but for the most part, buyers kept the price offered below the list price and made off with an average discount of $12,991. New home sales aside, there were two sales reported to have traded above the seller’s asking price. One went just $100 above the asking price. On the other, the seller netted a tidy $10,100 bonus.
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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