Saskatoon real estate sales entered triple-digit territory for the first time this year as local REALTORS® reported 108 homes as firmly sold to the multiple listing service®. That amounts to an increase of 17 sales compared to the previous week, and it’s also higher than numbers recorded over the same period last year by 13. This is just the second week this year that sales have grown on an annual basis.
With fewer expired listings re-entering the MLS than last week, the new listing activity did fall lower from 168 to 154. That’s down annually by 23. So far this year, new listing activity has declined across all but two weeks.
The inventory of active listings on the MLS® grew modestly, now for the third consecutive week. By the close of business Friday, there were 956 listings showing an “active” status on the system, up by 14 from the close of the previous period, but down by 204 units (18%) when compared to levels recorded a year ago. Ouch! That year-over-year decline is growing each week.
The largest drops are in the condo category which shows 427 listings today, three more than last week but lower annually by 188. We have 460 single-family homes today, down one from the previous week’s close, and down 35 on a year-over-year basis.
30-day sales took a large leap forward this week reaching 392, up from 350 last week.
“Months of inventory” fell significantly lower in all three categories that we monitor.
All residential - 956 active listings / 392 sales = 2.4 month supply (down 0.3 months from last week).
Single-family homes - 460 listings / 238 sales = 1.9 month supply (down 0.3 months from last week).
Condos - 427 listings / 130 sales = 3.3 month supply. (down 0.2 months from last weekk).
A slightly higher number of sales towards the lower end of the market brought the median sale price for the week lower by roughly 17K to $348,740 even while the average sale price moved higher by about $23,000 to $371,209.
Both longer-term price measures remained stable, now for the fourth consecutive week.
The six-week average price finished the period at $363,204. That’s up from a week ago by less than $600 and higher annually by $8,000. The four-week median price is at $349,900, exactly where it was the week before, but now down from where it stood a year ago by just over 10K. This is most likely due to growing demand in the condo market where lower-priced homes are more common.
The number of sellers who managed to close a sale at a price that was higher than their list price grew to 17, while the average overbid fell lower to $7,371. This week, 72 buyers were able to negotiate a deal that was, on average, $14,341 below the asking price.
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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