Saskatoon real estate agents reported 84 firm residential transactions to the multiple listing service®, ten more than last week, and higher by 11 when compared against sales for the same week last year. This marks the 26th consecutive week in which sales either met or exceeded those from the same week last year.
New listings took a jump this week as a number of listings that expired in the final days of November returned for another go at the market. Over the week, 102 Saskatoon homes were offered for sale. That’s up 19 from last week and lower by 11 annually.
The inventory of active MLS® listings took another big dip falling from 1170 at last week’s close to just 1103 today. That is now the lowest active listing count for any week since the first week of 2014 (last week we had fallen to the lowest point since the final week of 2014), so we are now nearing a seven-year low. I’m guessing that we’ll dip below 1000 before the year is out. That hasn’t happened since the first quarter of 2013.
Today, Saskatoon home buyers can find 542 single-family homes on the MLS®, down 50 from a week ago, and lower annually by 316. There are also 497 Saskatoon condos for sale, down 14 from last week, and dipping 19 annually.
Let’s have a quick look at how sales (demand) and listings (supply) are playing out.
As expected, 30-day sales continued on a downward trend. They fell to 346 at this week’s close. With active listings now at 1103, that gives us 3.2 months supply of inventory which is unchanged from last week.
Condo supply sits at 5.8 months, while the supply/demand balance for single-family homes is far tighter at just 2.3 months.
With 13 sales recording a sale price above the half-million-dollar mark and a weaker performance below $200,000 both the weekly median price and the average price grew. Those measures reached $345,000 and $354,439 respectively.
The six-week average price continued to trail lower, now for the fifth consecutive week. It wrapped up this period at $334,794. That’s down just $400 from last week but lower on a year-over-year basis by $2,000. That’s the lowest level it has reached since mid-April.
The four-week median price closes the week at $327,000 for a near 17K increase from last week and up about five grand annually.
Four lucky sellers met a buyer willing to pay more than the asking price. Three of those four deals closed with a $100 overbid, while the fourth buyer dug deep and offered $11,100 more than the seller was asking. Buyers had their way in 68 of the week’s 84 trades to net an average discount of $12,150.
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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