For the eighth consecutive week, Saskatoon real estate agents added more than 200 residential listings the multiple listing service®. This week, new listing numbers hit 238, a gain of ten from the previous period and just two units shy of what came on the market over the same week last year.
After reaching a new annual peak last week, the number of Saskatoon homes that saw a sold sign appear fell lower from 149 to 111 and finished down on an annual basis by 25 sales.
With strong new listing activity, weaker sales, and a very small number of expired listings, the number of Saskatoon homes for sale on the MLS® pushed to a new annual high of 1273 properties. That amounts to an increase of 51 listings, one of our larger weekly gains this year, but it still leaves us down on a year-over-year basis by 250 homes. This is about the time that active listing inventory normally reaches its annual peak most years.
The largest gains can be counted in the condo category which grew by 29 listings to reach 478, lower annually by 167. Available detached single-family homes rose by 13 to hit 696. That’s down 78 from the close of the same week last year.
The number of Saskatoon homes to have sold over the past 30 days fell off if its annual high reached last week, dropping 18 units to 540. This brought decent improvements to “months of inventory” in two of the three categories that we track.
All residential - 1274 active listings / 540 sales = 2.4 month supply (up 0.2 months from last week).
Single-family homes - 696 listings / 326 sales = 2.1 month supply (the same as last week. 30-day sales actually moved higher in this category offsetting inventory growth completely).
Condos - 478 listings / 183 sales = 2.6 month supply. (up by 0.4 months from last week. Even though condo inventory saw the smallest growth, 30-day sales fell by nearly ten percent causing the bump we see here).
With far fewer small condo sales in the mix this week, the median and average sale prices for the period shot higher to $388,000 and $391,288 respectively.
The six-week average price rose to its highest level ever this week as it hit $386,238. That’s just under three thousand dollars more than it was at last week’s close, and up annually by 20K. The four-week median price also reached an annual high as it grew a little more than $8,700 from last week to find itself up from where it sat at the close of the same week last year by more than $17,000.
The number of homes that sold for more than the seller’s asking price slipped lower to 32, down from 42 last week, while the average overbid reached a new high for the year at $22,175. The largest overbid this week was 115K which seems ridiculous given that the list price of the property was just $234,900 (that’s 49 percent above the list price). Another 66 sales reported a price below the asking price by an average of $10,640.
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. A description of the geographic boundaries of areas 1 through 5 is here.
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Norm Fisher
Royal LePage Vidorra
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