The Saskatoon real estate market continued to cook this week.
Local REALTORS® reported 133 Saskatoon homes sold through the multiple listing service®. That’s an increase of three compared against last week’s numbers and well up from the 49 deals that firmed up over the same week last year.
New listing activity hit a new weekly high for the year as 293 residential properties hit the market. That’s more than the previous week by 70 units, and up from 184 for the same period last year.
The inventory of Saskatoon homes showing an active status on the MLS® saw its largest week-over-week gain as it increased from 1369 to 1437, to reach a new annual high. Our current level of inventory is just 35 units below those counted last year at this time.
Today, there are 679 single-family homes for sale in the city, up 27 from a week ago, and lower than last year by 178. Condo inventory grew to 672 for a weekly increase of 30 and an annual jump of 130.
After falling lower for two consecutive weeks, 30-day sales spiked higher from 550 last week to 581 this week to regain all of the losses it took last week. The high point for the year is 585 units sold over 30 days.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1437 active listings / 581 sales = 2.5 month supply. (The same as last week and still very much a seller’s market).
Single-family homes - 679 listings / 406 sales = 1.7 month supply (The same as last week. Extreme seller’s market conditions).
Condos - 672 listings / 146 sales = 4.6 month supply. (This is higher than last week when it had come down to just 4.4 months and now the 14th consecutive week in which condos are in a balanced market territory).
In last week’s report, I said that “entry-level activity was brisk…”.
This week, strong upper-end activity, and a significantly lower number of deals below the 200K mark pushed the weekly median price higher to $389,900. With nine sales at a price that topped $700,000, the weekly average price grew even more to $415,054.
The six-week average price reached a new high of $375,466, higher than it’s been for any week in at least 7 years. That number is up about nine thousand dollars from last week, and higher annually by 28K.
The four-week median price also grew ten thousand dollars from last week’s close to reach $370,000. That’s $42,500 higher than it was at the close of the same week last year.
This week, 31 Saskatoon home buyers ended up paying more than the seller’s asking price by an average of $8,393. Meanwhile, 86 deals were closed below the asking price with an average discount of $12,498.
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 time on the market, 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.
Thanks so much for reading.
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