Saskatoon home sales grew for the third consecutive week to reach a new seven-day high for the year. Local agents reported 146 residential sales, which is higher weekly by 29 units, and up annually by 14. This is just the third of 20 weeks this year in which residential sales grew on a year-over-basis.

The new listing activity stayed above the 200 level for the third week in a row as 218 Saskatoon homes were added to the MLS®. That’s five fewer homes than hit the market last week, and it’s lower by 29 when compared to activity over the same week last year.

The inventory of active residential listings available on the multiple listing service® inched higher, now for the sixth consecutive week. As the week wrapped up, home buyers had 1139 properties to choose from, up 25 from last week’s close and down annually by 382 (25%).

All of the growth was in the single-family homes category. The final tally of detached homes available at the end of the week was 597, which is up 31 from last week and lower annually by 112 (16%). Condo inventory fell lower by 12 units to settle at 437 for an annual drop of 266 units, a 38 percent decline.

After falling lower for the past three weeks, 30-day sales spiked higher and broke the 500 mark for the first time this year. Saskatoon real estate agents have reported 536 homes sold over the past 30 days, up from 418 last week. 

Once again, “months of inventory” grew in two of the three categories we track.

All residential - 1139 active listings / 536 sales = 2.1 month supply (down by 0.2 months from last week).

Single-family homes - 597 listings / 319 sales = 1.9 month supply (same as last week).

Condos - 437 listings / 190 sales = 2.3 month supply. (down by 0.4 months from last week).

Luxury home buyers were out big last week with the top four sales averaging a price well above one-million dollars each. Consequently, both the weekly median and the weekly average took large jumps to $363,400 and $390,816 respectively.

After four weeks of stability, the six-week average price moved up and reached a new high for the year at $373,089. That’s up by about four grand from last week but falls short of last year’s number by six thousand dollars.

The four-week median price pushed higher by roughly two thousand dollars on a weekly basis, this period reaching $353,750. That number is also lower annually by just a bit more than six thousand dollars.

For the second week in a row, the number of Saskatoon homes that sold for more than the asking price reached a new annual high. During this period, 48 sellers closed their sales with an average overbid of $14,623. Meanwhile, 76 homes sold for less than the asking price to generate an average discount of $13,625.

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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Norm Fisher

Royal LePage Vidorra