As we moved through the final week of this Saskatchewan winter Saskatoon home buyers and sellers were out in full force setting new annual highs for both sales and new listings.
Local REALTORS® reported 141 firm residential sales to the multiple listing service® this week. That’s higher than last week by 46 units, and well over double sales for the same week last year when 64 homes traded hands.
New listings shot higher to 227 for a weekly increase of 50 units and finished up annually by 87 properties. This is the eighth consecutive week in which new listings recorded year-over-year gains. This was about the time last year that COVID concerned sellers who were not in a rush to sell began to withdraw from the market. We should see large annual gains to new listings for at least the next month.
The database of active MLS® listing grew for the fourth week in a row to reach 1208. That’s higher than last week’s close by 48 properties, and down annually by 294.
Most of the gains can be counted in the single-family homes category where listings grew to 523 this morning, from 495 a week earlier. At this time last year, the MLS® was offering up 879 single-family homes as “active.”
Condo inventory grew to 623 for a weekly increase of ten units and an annual jump of 87.
30-day sales grew again as they have each week this year, this week reaching 471.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1208 active listings / 471 sales = 2.6 month supply. (Lower than last week by 0.1 months. Seller’s market conditions).
Single-family homes - 523 listings / 308 sales = 1.7 month supply (Down .15 months from last week. Extreme seller’s market conditions).
Condos - 623 listings / 127 sales = 4.9 month supply. (Down from 5.6 months last week and “balanced” now for the seventh week in a row).
Far more entry-level buyers were active this week. Robust sales at prices below $300K ushered the weekly median sale price lower to $346,900 while three home sales above the $1 million dollar mark pushed the weekly average sale price higher to $381,539.
The six-week average price hit a new high for 2021 at $363,517. That’s up about eight thousand dollars from last week, and higher than it was a year ago by thirty-two thousand dollars.
The four-week median price took a small dip to $359,900. That is down just two hundred dollars from last week, and higher annually by thirty-five thousand dollars.
Over the course of the week, there were 24 transactions that reported a sale price that exceeded the seller’s asking price. The average overbid was $7,254. Meanwhile, 98 of the week’s sales sold for less than the listed price to net those buyers an average discount of $10,814.
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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