Saskatoon home sales continued at near peak levels this week as local REALTORS® reported 137 homes firmly sold to the multiple listing service®. That was up from last week by five and higher than the same week last year by 40.
New listings also came on strong with 255 Saskatoon home owners offering their property for sale. That’s the third-highest volume listing week this year, eight more than last week and up by 46 compared to new listing volume over the same period last year.
Active listing inventory grew again, now for the 14th consecutive week to reach a new annual high of 1560 homes. That’s higher than last week’s close by 39 units, but more interestingly, it’s higher than it was at the close of the same week last year by 23 listings.
This is the first time that inventory numbers have been higher than what was recorded the year before since March of 2016. Inventory numbers have been on a slow and steady declining trend since that time.
There are currently 744 single-family homes for sale in Saskatoon, well up from 703 last week, and down from 886 at this time last year. Condo numbers slipped by two this week to 707, which is higher annually by 128 units.
The number of homes to sell over the past 30 days grew from 573 a week ago to 581 today.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1560 active listings / 581 sales = 2.7 month supply. (the same as last week, and still very much a seller’s market).
Single-family homes - 744 listings / 388 sales = 1.9 month supply (Up by 0.1 months from last week, and higher by 0.2 months the week before. Extreme seller’s market conditions).
Condos - 707 listings / 150 sales = 4.7 month supply. (Down 0.2 months from last week and now the 17th consecutive week in which condos are in a balanced market territory).
A flurry of upper-end activity (23 sales over $500K this week) drove the weekly median price higher by 20K to $370,000. Two of those sales averaged more than $1.4 million and that pushed the weekly average price up by 15K to $383,619.
The four-week median price increased nearly $10,000 this week to hit $369,900. That’s up forty thousand dollars from a year ago. The six-week average price edged up about $700 from last week to reach $379,745. It’s higher than it was at this time last year by roughly $32,000.
Overbid sales fell slightly lower to 26 this week as the average overbid fell about $500 to $10,464. Meanwhile, 94 of this week’s 137 sales recorded a price below the seller’s list price by an average of $11,436.
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.
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Norm Fisher
Royal LePage Vidorra
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