It was another banner week for the Saskatoon real estate market as we recorded our fourth consecutive week of growing sales and reached a new weekly high for the 2022 calendar year. Local REALTORS® reported a total of 141 Saskatoon homes sold, up 27 from the previous week, and ahead of sales for the same period last year by eight.
The new listing activity was up by 14 from last week to reach 177 but still fell well below what was added to the system over the same week last year when 214 homes were offered for sale.
After reaching a new annual high above 1000 last week, the inventory of active MLS® listings slipped lower to 987. That makes for a drop of 17 from last week’s close and an annual decline of 273 units.
Today, we have 487 single-family homes offered for sale, down 13 on a weekly basis and lower annually by 74. Condo inventory sits at just 431 today for a weekly decline of 18 and an annual dip of nearly 200 units.
30-day sales continued to grow, this week growing by 43 to reach 492.
“Months of inventory” fell further into seller’s market territory in all three of the categories that we track.
All residential - 987 active listings / 492 sales = 2.0 month supply (down 0.2 months from last week).
Single-family homes - 487 listings / 287 sales = 1.7 month supply (down by 0.2 months from last week).
Condos - 431 listings / 172 sales = 2.5 month supply. (down 0.3 months from last week and again, now at its lowest point in more than a decade).
Upper-end sales continued to drive the market and pushed the median price for the week higher to $373,000, even as the average sale price slipped lower to $378,439.
The six-week average price grew for the second week in a row coming close to its previous high for the year. It closed the week at $365,382. That’s higher by about a thousand dollars on both a weekly and an annual basis. Meanwhile, the four-week median price took a larger jump growing by $7500 from last week to reach $355,000. That’s up just three hundred dollars from where it finished the same week last year.
Overbid sales reached 27 this week with an average overbid of $9,786. Another 87 sales closed below the asking price by an average of $10,581.
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. A description of the geographic boundaries of areas 1 through 5 is here.
More weekly stats and numbers for those who love them.
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