The Saskatoon real estate market is unpredictable, to say the least. At every turn, it seems that another surprise presents itself. That happened again this week as sales reached a new weekly high, for the year, and quite likely, ever. Local REALTORS® reported 166 residential sales to the MLS®, for a weekly gain of 34 units, and an annual increase of 58. 

Saskatoon home sellers continued to deliver a steady supply of new listings. Over the past seven days, 224 properties were added to the multiple listing service®. That’s up just three from the previous period, and higher than the same week last year by 58. It’s the 13th consecutive week in which new listings topped the 200 mark.

 

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In spite of a steady supply of new listings, strong sales and a handful of expired or canceled listings brought the active listing inventory lower for the second week in a row. By the close of business Friday, active listings had slipped to 1495. That’s lower than the previous week’s close by 28, and down annually by 48.

Today, buyers can find 717 single-family detached homes showing an active status on the MLS®. That’s down just 16 from last week but lower annually by 180 units. Condo inventory is at 677 today, lower than last week by 16, and higher on a year-over-year basis by 104.

The number of homes to sell over the past 30 days grew again to reach a new annual peak of 620. That’s up 34 from last week, and it tops the previous high for the year by 28 units. 

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1495 active listings / 620 sales = 2.4 month supply (down from 2.6 last week, the third consecutive week in which supply declined, and still very much a seller’s market).

Single-family homes - 716 listings / 401 sales = 1.8 month supply (down 0.1 from last week. Extreme seller’s market conditions).

Condos - 677 listings / 169 sales = 4.0 month supply. (Down from 4.4 months from last week and now the 19th consecutive week in which condos are in a balanced market territory).

A touch more upper-end activity brought the weekly median sale price higher to $360,000 even while the average sale price for the week slipped lower to $369,206.

The six-week average sale price found a new record peak at $381,210. That’s up about $1200 from last week and roughly 27K higher than it was for the same week last year. The four-week median price grew by eight hundred dollars from last week to $357,700. That’s up by about 33K annually.

Buyer resolve was apparent in both the volume of sales and in multiple offer competitions. This week, 36 sellers closed a deal for more than their asking price with an average overbid of $11,123. Still, 117 of 166 sales were reported to have wrapped up at a price that was less than the list price by an average of $9,103.00.

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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Norm Fisher

Royal LePage Vidorra