For the second week in a row, Saskatoon real estate sales numbers showed year-over-year growth. Local agents reported 108 firm residential trades, to post the largest volumes sales week this year. Sales were up 11 from the previous week and topped numbers recorded over the same period last year by 28.
Meanwhile, new listings fell lower to 166, well down from 209 last week, and lower annually by 21.
The number of Saskatoon homes for sale on the MLS® grew from 1532 at the close of the previous week to 1543 today, barely enough to move the line on our chart. At this time last year, home buyers had a selection that was 28 percent greater than what’s currently available.
Today, we see just 896 single-family homes for sale in Saskatoon, down from 1128 at this time last year. In the condo category, we have 573 available units, down from 720 a year ago.
As sales continue to grow and inventory remains fairly flat, conditions look increasingly attractive for sellers. There are no clear signs of price growth, but “months of inventory” measure has fallen significantly.
Over the past 30 days, 422 home sales have been reported to the multiple listing service®. That puts our current “months of inventory” at 3.65. Typically, anything in a 4-6 month supply range is considered to be a balanced market, while anything less than four months is into seller’s market territory.
If you’ve been thinking about selling, this appears to be about the best opportunity that we’ve seen in a few year's time.
Action in price categories below the $300,000 mark was exceptionally strong. That brought the median price for the week lower to $309,000. The average price for the week fell slightly to $327,564.
The six-week average price fell a little under two thousand dollars from the previous week to $346,702. That’s up just over ten thousand dollars from a year ago. The four-week median price came down nearly five thousand dollars to $325K. That’s four thousand dollars lower than it was at the close of the same period last year.
Like last week, only one resale home seller managed to close a deal for more than their asking price. They made off with a decent $4,100 bonus. Meanwhile, 98 of the week’s 108 sales closed below the seller’s listed price by an average of $9,956. That is the smallest average discount recorded any week this year, another indication of the strengthening position of Saskatoon home sellers.
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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I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
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