Winter showed its reluctance to yield during this first week of spring but the Saskatoon real estate market continued to cook.

Local agents reported 134 Saskatoon homes sold to the multiple listing service®, a drop of eight from the previous week, but once again, more than doubling sales recorded over the same week last year when 60 homes were sold.

New listing activity continued at a spring-like pace as 212 home owners offered a property for sale on the MLS®. That number is down 15 from the week before, but way up from the 63 properties that came on the market over the same period of 2020. If you don’t recall, this was the week last year when the COVID crisis was kicking into high gear with “states of emergency” being declared across the country. Listing a house was not something that many people had on their minds.

This period brought the fifth consecutive week of growth in the inventory of MLS listings in the residential category. Over the course of the week, it grew to 1253 for a weekly increase of 45 units. That’s lower annually by just 213 properties, the smallest year-over-year decline in nearly a year. As you can see by the line on our “Active Listings” chart, we are quickly closing in on last year’s levels. Of course, extraordinary demand is handily offsetting the potential benefits that buyers might be hoping to gain by its growth.

Today, single-family homes inventory sits at 545, up 22 from a week earlier, but down from 862 annually. Meanwhile, available condo numbers have grown to 635, up 23 from last week, and further up from 523 at this time last year.

30-day sales took a massive leap from 471 last week to 529 this week.

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

All residential - 1253 active listings / 529 sales = 2.4 month supply. (Lower than last week by 0.2 months. Seller’s market conditions).

Single-family homes - 545 listings / 356 sales = 1.5 month supply (Down .2 months from last week. Extreme seller’s market conditions).

Condos - 635 listings / 140 sales = 4.5 month supply. (Down from 4.9 months last week and “balanced” now for the eighth week in a row).

There were more upper-end sales this week than last and that pushed the median sale price for the week higher to $364,678. You may recall that last week there were four homes that sold for more than $1 million dollars. With those out of the mix this week, the weekly average price fell lower to $362,469.

Looking at a little longer period of time, the six-week average price grew again to reach $365,757. That is up just a little more than two thousand dollars weekly, and up nearly 29K annually. It’s the highest level this measure has reached since the middle of 2016. 

The four-week median price fell slightly lower to $356,680. That’s roughly three thousand dollars lower than it was the previous week, but up eighteen thousand dollars annually.

The number of sales that were reporting a price above the seller’s asking price slipped lower to 17, down from 24 last week. The average overbid was also lower, by just a few hundred dollars at $6,918. On the flip side of the negotiating table, 91 sales were reporting a price below the asking price with an average discount of $9,274.

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