Despite some ups and downs over the past two weeks, we are now pushing four months with average weekly sales above 130 units. This week, we bounced back from the slowest sales week since March to hit 136 residential sales, up from 111 last week and up from 121 over the same week last year.

New listing activity was even more impressive as 240 Saskatoon homes were offered for sale. That’s higher than last week by 48 and up annually by 78.

Active listing inventory grew by 31 this week to reach 1524, lower than it was last year at this time by 40 listings.

Today’s totals include 776 single-family homes, for a pretty hefty weekly increase of 41 units and an annual decline of 99. Additionally, there are 645 condos for sale in Saskatoon, down by seven from last week, and up by 45 annually.

After slipping lower for the first time in a month last week, 30-day sales grew by five to hit 600 again. 

The number of homes to sell over the past 30 days slipped lower for the first time in a month to settle at 595. That’s still a huge increase from what we would have expected in any previous year, but it’s down 25 from last week. Weaker demand and a stable supply brought modest improvement in conditions for buyers, but not likely enough that it will be immediately apparent. It continues to be a tough go for those shopping for a home.

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

All residential - 1524 active listings / 600 sales = 2.5 month supply (the same as last week and still very much a seller’s market)

Single-family homes - 776 listings / 374 sales = 2 month supply (also even with last week. Seller’s market conditions).

Condos - 645 listings / 183 sales = 3.5 month supply. (Down from 3.7 months from last week and further into seller’s market territory that we have seen in years, thanks mostly to townhome sales which seem to have become a favourable option for those who aren't quite ready to enter the single-family homes market, or simply prefer the ease of a condo).

The weekly average sale price remained stable at $349,960 this week, even as a higher number of entry-level sales pushed the median sale price for the week considerably lower to $324,950.

The longer-term measures that we track slipped lower and both are now well off of the highs that we saw just weeks ago.

After falling more than 10K last week, the six-week average price slipped again, this time by five thousand dollars to settle at $366,661. That’s still up more than $22,000 on an annual basis. The four-week median price has been trending lower for six weeks now. This week it sits at $348,000 which is the lowest it has been since early March. It’s lower than it was last week by eight thousand dollars but higher annually by $12,000. These declines coincide with an increasing demand for cheaper condos. They’ve been making up a larger percentage of the sales mix over the past month.

In spite of a higher number of sales this week, compared to last, the number of homes to sell for more than the seller’s asking price fell to just 16. That’s the smallest number as a percentage of sales for the past few months. The average overbid amount also fell lower from a frothy $15,010 last week to $11,425 this week. Meanwhile, 108 of the week’s 136 sales were reported to have sold for less than the list price by an average of $8,875.

Again, overbidding was more prevalent in higher-priced homes. The lowest-priced sale amongst those that went above the asking price was $360K.

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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

On the heels of an all-out record sales week, the Saskatoon real estate market saw sales numbers slide to their lowest level since mid-March when things were just beginning to heat up in a serious way. This week, 111 Saskatoon homes were reported to have been firmly sold, lower by 55 units from the last period, and down from the same week last year by 17. This is the first week during which sales were lower on a year-over-year basis since June of 2020.

The trend towards fewer new listings continued, now for the sixth consecutive week as just 191 Saskatoon homes were offered for sale on the multiple listing service®. That is 33 fewer homes than were put on the market last week, and the smallest number of new listings for any week since mid-March. New listings peaked at 293 six weeks ago and have been in steady decline since then.

The number of residential listings showing an “active” status on the MLS® remained stable. We finished the week at 1493 homes, down just two from last week, and lower annually by 85.

Today, buyers have 735 single-family homes to consider. That’s 19 more than we had a week ago but lower annually by 171. Additionally, there are 652 condos for sale in Saskatoon, down 25 from last week and up 55 from the close of the same week last year.

The number of homes to sell over the past 30 days slipped lower for the first time in a month to settle at 595. That’s still a huge increase from what we would have expected in any previous year, but it’s down 25 from last week. Weaker demand and a stable supply brought modest improvement in conditions for buyers, but not likely enough that it will be immediately apparent. It continues to be a tough go for those shopping for a home.

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

All residential - 1493 active listings / 595 sales = 2.5 month supply (up from 2.4 last week and still very much a seller’s market)

Single-family homes - 735 listings / 371 sales = 2 month supply (up from 1.8 last week. Seller’s market conditions but the largest supply we’ve seen in months).

Condos - 652 listings / 175 sales = 3.7 month supply. (Down from 4.0 months from last week and now into a seller’s market).

Strong sales below the quarter-million-dollar mark and a weaker showing of home buyers at price points above $700K brought the weekly median price and the weekly average price lower to $340,000 and $349,904 respectively.

The six-week average price, which reached an annual high last week, slipped lower by about $10,000 to $371,664. That’s still up annually by thirty thousand dollars. The four-week median price fell a thousand bucks from last week to $356,700 which is higher on a year-over-year basis by 36K.

This week, there were 19 sales that closed at a price that exceeded the seller’s asking price by an average of $15,010. That’s a substantial increase from most weeks that have averaged closer to $10,500 lately. The vast majority (87 of 111) of the week’s sales recorded a sale price that was less than the asking price by an average of $11,449.

Once again, most of the overbid activity was focused on more expensive homes. This week, there was only one overbid below the $330,000. The other 18 were at or above that price.

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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Saskatoon real estate market is unpredictable, to say the least. At every turn, it seems that another surprise presents itself. That happened again this week as sales reached a new weekly high, for the year, and quite likely, ever. Local REALTORS® reported 166 residential sales to the MLS®, for a weekly gain of 34 units, and an annual increase of 58. 

Saskatoon home sellers continued to deliver a steady supply of new listings. Over the past seven days, 224 properties were added to the multiple listing service®. That’s up just three from the previous period, and higher than the same week last year by 58. It’s the 13th consecutive week in which new listings topped the 200 mark.

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In spite of a steady supply of new listings, strong sales and a handful of expired or canceled listings brought the active listing inventory lower for the second week in a row. By the close of business Friday, active listings had slipped to 1495. That’s lower than the previous week’s close by 28, and down annually by 48.

Today, buyers can find 717 single-family detached homes showing an active status on the MLS®. That’s down just 16 from last week but lower annually by 180 units. Condo inventory is at 677 today, lower than last week by 16, and higher on a year-over-year basis by 104.

The number of homes to sell over the past 30 days grew again to reach a new annual peak of 620. That’s up 34 from last week, and it tops the previous high for the year by 28 units. 

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

All residential - 1495 active listings / 620 sales = 2.4 month supply (down from 2.6 last week, the third consecutive week in which supply declined, and still very much a seller’s market).

Single-family homes - 716 listings / 401 sales = 1.8 month supply (down 0.1 from last week. Extreme seller’s market conditions).

Condos - 677 listings / 169 sales = 4.0 month supply. (Down from 4.4 months from last week and now the 19th consecutive week in which condos are in a balanced market territory).

A touch more upper-end activity brought the weekly median sale price higher to $360,000 even while the average sale price for the week slipped lower to $369,206.

The six-week average sale price found a new record peak at $381,210. That’s up about $1200 from last week and roughly 27K higher than it was for the same week last year. The four-week median price grew by eight hundred dollars from last week to $357,700. That’s up by about 33K annually.

Buyer resolve was apparent in both the volume of sales and in multiple offer competitions. This week, 36 sellers closed a deal for more than their asking price with an average overbid of $11,123. Still, 117 of 166 sales were reported to have wrapped up at a price that was less than the list price by an average of $9,103.00.

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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

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. 

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra