The Saskatoon real estate market continued to generate solid sales numbers this week. Local REALTORS® reported 132 homes sold, down just one from last week, and up by 41 sales when compared to numbers recorded over the same week last year.
New listings were also strong with 247 properties hitting the MLS® system. That’s down for the second week in a row, this time falling by 19, but still way up from last year when just 167 Saskatoon homes were offered for sale.
For the 13th consecutive week, active listing inventory numbers grew, this week reaching 1521.
That’s up by 32 from last week, and just one listing short of levels reached by the close of the same week last year. Next week we will see inventory that is higher annually for the first time since March of 2016.
Today, Saskatoon home buyers can find 703 single-family homes showing an active status on the MLS® system. That’s higher than last week by six and lower annually by 174. We also have 709 active condo listings, up by 15 from last week’s close, and higher than it was at this time last year by 150 units.
The number of homes to sell over the past 30 days slipped from 588 last week to 573 this week.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1521 active listings / 573 sales = 2.7 month supply. (Up by 0.2 months from last week, and still very much a seller’s market).
Single-family homes - 703 listings / 393 sales = 1.8 month supply (Up by 0.1 months from last week. Extreme seller’s market conditions).
Condos - 709 listings / 145 sales = 4.9 month supply. (Up 0.3 months from last week and now the 16th consecutive week in which condos are in a balanced market).
The weekly median price fell lower for the second week in a row, this time to $350,750. The weekly average sale price fell even more to $365,372.
The four-week median sale price slipped for the second week in a row and settled at $360,000. That’s lower than last week by a bit more than nine thousand dollars, but up 22K annually. The six-week average price came off of the peak it hit last week and slipped about two thousand dollars to settle at $379,090 which is higher than it was at this time last year by more than forty-two thousand dollars.
The number of homes to sell for more than the asking price remained steady at 28. Those homes sold, on average for $11,011 more than the listed price. Another 93 sales reported a price that was below the seller’s asking price by an average of $11,453.
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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