The Saskatoon real estate market continued to cook this week as local agents reported 121 firm residential sales to the multiple listing service®. That is down seven units from the five year record week detailed in my last report, and up 19 from the same period last year. This was the fourth consecutive week in which sales were higher on an annual basis.
New listing activity fell lower to 168, down 13 from last week, and up just one when compared against numbers recorded the same week last year.
The number of Saskatoon homes available to home buyers slipped lower to 1565. That’s 13 fewer properties than were available a week earlier. Last year at this time, total inventory sat at 1961.
There are currently 896 detached houses available, a drop of 126 from a year earlier. Condos are down by 128 units annually to 599.
Market conditions continued to improve for Saskatoon home sellers as the “months of inventory” measure fell to just 3.1 (total inventory/sales in the past 30 days = months of inventory). Supply of four to six months is considered balanced, A supply greater than six months is a buyer’s market, and supply of fewer than four months is a seller’s market.
It’s remarkable how things can change so quickly. Certainly, there is some pent up demand created by the lockdown. Is it also possible that the importance of “home” has grown following a long period of being confined, and the potential threat that another lockdown could be ahead of us at some point?
More activity at the upper end of the market pushed the median sale price of a Saskatoon higher this week to $348,500. The average sale price also grew significantly to $356,703.
The six-week average price recovered some of last week’s declines as it grew by about three thousand dollars to reach $344,145 and closed the week higher annually by eight thousand dollars. The four-week median price took a significant jump to reach $336,192. That’s up 18K from this time last year.
Tight market conditions paid some bonuses to Saskatoon home sellers this week as multiple buyers bid up prices on nine resale homes. I can’t recall the last time that happened. Those deals netted the sellers, on average, $6,100 more than they had asked. Still, 103 of 121 deals closed below the listed price. Those buyers made off with an average discount of $10,897.
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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