The second week of spring brought a steady stream of Saskatoon home sales and new listings.
Local real estate agents reported 133 homes sold to the multiple listing service® for a weekly drop of just one unit, and up from 63 for the same week last year. That’s the third week in a row in which sales more than doubled on an annual basis.
New listing numbers grew by two from last week to reach 214. That too is more than double what we saw enter the market over the same period last year when COVID concerns limited new listing activity to just 103 Saskatoon homes.
After showing strong growth for four consecutive weeks, the total number of homes for sale on the local MLS® system stalled. We closed the week with 1260 active listings, up just seven from last week’s close, and down annually by just 145 units. That is the smallest year-over-year decline since last spring.
Today’s totals include 628 condos, down seven from a week earlier, but up 123 from this time last year. We also have 561 single-family homes, which is higher than last week’s close by 16, and lower annually by 261.
30-day sales grew again increasing from 529 last week to 540 this week.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1260 active listings / 540 sales = 2.3 month supply. (Lower than last week by 0.1 months. Seller’s market conditions).
Single-family homes - 561 listings / 361 sales = 1.6 month supply (Up 0.1 months from last week. Extreme seller’s market conditions).
Condos - 628 listings / 149 sales = 4.2 month supply. (Down from 4.5 months last week and “balanced” now for the ninth week in a row).
Brisk sales activity for homes priced below $250,000 brought the weekly median price sharply lower to $345,000 while fewer luxury market homes also softened the weekly average price to $350,650.
The six-week average price came off of its annual peak as it dropped just over $1000 to $364,524. That’s roughly fourteen thousand dollars higher than it was at the close of the same week last year.
The four-week median price softened for the third week in a row to settle at $354,700. That’s lower than it was last week by two thousand dollars, but up annually by 22K.
Overbid sales hit their highest level for the year with 25 homes selling for more than the seller’s asking price. The average overbid was $6,840. Meanwhile, 89 of this week’s sales reported a price that was below the seller’s list price by an average of $10,028.
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 for $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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