For the 12th consecutive week, Saskatoon real estate sales continued to move along at a spring-like pace. Local REALTORS® reported 132 firm residential trades to the multiple listing service® this week, down just five units from last week, and up from the same week last year by 37.

After reaching a weekly peak for the year just four weeks ago, new listing numbers continued to trend lower. This week, 221 Saskatoon home sellers offered a property for sale on the MLS®, a decline of 34 from last week, but up by 12 compared to the same period of 2020.

 

You’ll recall that last week brought us the first week in which active listing inventory had increased on an annual basis since March of 2016. We take a backward step on that front during this period as the total number of residential properties available on the Saskatoon MLS® fell lower to 1,523, mostly due to month-end expired listings. That is lower than last week’s closing number by 37 units, and just nine fewer listings than could be found on the system at the close of the same week last year. This week brings to an end the 14-week trend of increasing inventory numbers.

The number of single-family homes for sale in the city fell lower by 14 to settle at 730. That’s down 149 from the close of the same period last year. Condo numbers are at 690 today, a drop of 17 from last week’s close, but up by 113 annually.

The number of homes to sell over the past 30 days grew again from 581 last week to 586 today. My best recollection tells me that 585 is our previous best, so we’re looking at a new record once again.

Here’s what “months of inventory ” look like across the broader market, and by category.

All residential - 1523 active listings / 586 sales = 2.6 month supply. (down from 2.7 last week, and still very much a seller’s market).

Single-family homes - 730 listings / 388 sales = 1.9 month supply (The same as last week.. Extreme seller’s market conditions).

Condos - 690 listings / 158 sales = 4.4 month supply. (Down from 4.7 months from last week and now the 18th consecutive week in which condos are in a balanced market territory).

A higher number of entry-level sales brought the weekly median price and the weekly average price lower to $356,450 and $377,966 respectively.

The six-week average price inched up just a couple of hundred dollars from last week to $379,972. That’s slightly below the record that we hit a few weeks ago but higher annually by more than thirty thousand dollars.

The four-week median price slipped $13,000 this week to settle at $356,900 and claimed an annual gain of 27K.

This week I’m posting some “benchmark numbers” from the MLS® Home Price Index to show you how home prices have changed this year. This chart shows that the price of a benchmark townhome has increased 3.5 percent since the close of 2020. The benchmark single-family home is up 6.5 percent this year, to reach record-high levels for the index. Apartments appear to be the biggest winner with the benchmark apartment price growing 9.5 percent this year.

The number of homes that sold for more than the asking price remained steady at 26. The average overbid was $11,931 with a small handful of $30,000 - $40,000 overbids driving that average higher. Meanwhile, 95 homes are reported to have sold below the seller’s asking price by an average of $10,474.

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 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. 

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Norm Fisher

Royal LePage Vidorra