Saskatoon home sales began to pick up a bit of steam as 75 residential properties were reported sold to the multiple listing service®. That’s up by 25 sales from last week, our previous high point for the year. It fell short of numbers reached over the same period last year buy just five sales. Each of the first four weeks of 2022 saw lower sales annually, but this week’s drop was the smallest.

The new listing activity, unfortunately, remained far lower than what we’d like to see with just 101 Saskatoon homes being offered for sale. That beat last week’s numbers by ten but fell lower annually by 27.

Active listing inventory took a small downward turn falling by four units from last week’s close to 860 to leave us down on an annual basis by 175.

There are 421 condos showing an active status today, down from 527 a year ago. Additionally, there are 383 single-family homes that still have a for sale sign, for an annual decline of 68.

After six consecutive weekly declines which brought 30-day sales to their lowest point in a year, that number grew from the low of 186 last week to 223 this week. With a strong week of sales and weaker new listing activity, a big bite was taken out of “months of inventory”. Here’s what that looks like today.

All residential - 860 active listings / 223 sales = 3.9 month supply (down 0.8 months from last week to record the first drop in eight weeks, one large enough to push us back just inside of a seller’s market.)

Single-family homes - 383 listings / 132 sales = 2.9 month supply (down 0.7 months from last week, for the first decline in six weeks).

Condos - 421 listings / 74 sales = a 5.7 month supply. (down 1.5 months last week and now back into balanced market territory).

I expect these numbers will continue to erode until we approach levels we were hitting at the close of the third quarter of 2021, or worse.

A growing number of upper-end home sales (17 sales above $500K with one selling at a price approaching $1.5 million) pushed the weekly average sale price higher, while even more trades at $250K or less pushed the weekly median lower to just $314,000.

After falling for six consecutive weeks, the six-week average price took a small increase growing by just over a thousand dollars from last week to reach $355,494, and claimed an annual gain of twelve thousand dollars.

The four-week median price, which had slipped lower eight weeks in a row also saw a small increase this week as it grew $1500 from last week’s close reaching $335,000. That’s up by $22,750 from where it stood a year ago.

Overbid sales grew to 11 this week. These sellers saw an average bonus of $8,612 above their asking price when the dust had settled. Another 55 deals reportedly closed below the seller’s asking price to net those buyers an average discount of $14,955. That number was skewed by a single sale that went below the list price by $145,000.

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 520,000 user sessions last year and displayed more than 4.4 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 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

Saskatoon real estate sales failed to gain steam this week as just 50 homes were reported firmly sold to the multiple listing service®. That’s even with last week, and down 20 from the same week last year to mark the third consecutive week in which sales have fallen on an annual basis.

The new listing activity fell sharply lower to just 91 units this week. That’s down 40 units from the week before, and lower than what we saw over the same period last year by 24 homes.

The number of active listings on the multiple listing service® in Saskatoon grew again, now for the second week in a row. By the close of business Friday, local buyers had a selection of 864 residential properties showing an active status, up just nine from a week earlier, but lower annually by 154.

In the mix, we have just 388 single-family homes, one more than we had a week ago, and 63 fewer than could be found at this time last year. Additionally, there are 424 condos for sale in Saskatoon, which is higher by five from last week and down 85 annually.

30-day sales slipped lower again, this week falling to just 186, the lowest level in well over a year.  Here’s what “months of inventory” look like today.

All residential - 864 active listings / 186 sales = 4.6 month supply (up 0.5 months from last week and now up for the seventh consecutive week.)

Single-family homes - 388 listings / 112 sales = 3.6 month supply (up 0.6 months from last week, and improving for the fifth week in a row).

Condos - 424 listings / 59 sales = a 7.2 month supply. (up 0.9 months last week and now well into buyer’s market territory).

Again, I sense that demand is looking a little weak because there are so few homes for sale.

You may recall that last week there was an unusually high level of sales at price points below $200,000. That dropped off considerably this period causing the weekly median price and the weekly average price of a Saskatoon to bounce higher to $326,500 and $335,534 respectively. Those numbers are still lower than what had been typical as 2021 was winding down.

The six-week average price fell lower for the sixth week in a row, this time slipping by just over $7,000 to $354,385. That’s still higher annually by ten thousand dollars. The four-week median price dropped 10K from last week to settle at $333,500 to grow annually by thirteen thousand dollars.

The number of Saskatoon homes to sell for more than the asking price dropped to five, from seven the week before. Those contracts saw an average overbid of $15,360, a number that was seriously skewed by a $36,600 overbid, and another at 25K. There were 42 sales reported to have sold below the asking price, on average by $12,061.

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 $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 520,000 user sessions last year and displayed more than 4.4 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 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

The Canadian Real Estate Association (CREA) recently released national sales statistics for December of 2021.

Saskatoon homes sales moved higher for the second week in a row but still remained at seasonally slow levels. Local agents reported 50 firm residential transactions, up from 41 last week, and lower annually by 28. That’s the second week in a row that sales have been lower when compared to the same week last year.

The new listing activity grew again, this week reaching 131 for a weekly increase of eight listings, which is higher by four compared to activity over the same period of 2021.

The inventory of active Saskatoon real estate listings made its first upward move for 2022 finishing the week with 855 residential properties showing an active status on the MLS®. That amounts to a weekly gain of 24 units and an annual decline of 135 homes.

A closer look by category shows that buyers have just 387 single-family home options today. That is higher than what was available last week by seven units, but down by 46 (10%)  from last year at this time. There are more options in the condo category with 419 units to choose from, up 19 from a week ago, but down 78 (15%) from the close of the same week last year.

It’s certainly concerned to be moving into the year with significantly lower inventory, now for the fifth year in a row.

30-day sales fell again, this week settling at just 205, the lowest level in well over a year. Here’s what “months of inventory” look like today.

All residential - 855 active listings / 205 sales = 4.1 month supply (up 0.4 months from last week and now up for the sixth consecutive week. This is the first time we’ve visited “balanced market” territory since early last year)

Single-family homes - 387 listings / 128 sales = 3.0 month supply (up 0.3 months from last week, and improving for the fourth week in a row).

Condos - 419 listings / 66 sales = a 6.3 month supply. (up 0.3 months last week and now in buyer’s market territory).

These major shifts in “months of inventory” are likely more a result of the holiday season than anything. Demand falls off a cliff over Christmas every year. With sales numbers so low anything can happen. By mid-January, I can already sense that the market is about to get cooking again as more buyers get back to the business of finding a home.

With just five transactions posting a price over $500,000 and 11 coming in below 200K, both the weekly median price and the weekly average fell significantly lower to $310,000 and $329,522 respectively.

The six-week average price inched lower for the third consecutive week. It finished down from last week by a little more than five thousand dollars to settle at $361,080, high enough to take an annual increase of fifteen thousand dollars.

Meanwhile, the four-week median price fell modestly lower to finish the week down $1500 at $343,500. That’s higher than it was at this time last year by $31,500.

On the heels of the only week in a year that produced absolutely no overbids on resale homes, buyers showed early signs of enthusiasm as seven of them got caught up in a bidding war which resulted in an above list price sale with an average overbid of $7,086. Another 39 deals were reporting a price below the listed price by an average of $10,772.

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 520,000 user sessions last year and displayed more than 4.4 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 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

And we’re off!  The first week of the new year is behind us. Most typically one of the two final weeks of December brings us to the annual low point for Saskatoon real estate sales and listings. Now, whether it’s a strong or a weak year, sales begin to grow and climb towards the spring peak. I’m excited to share with you what’s happening through 2022.

After reaching an annual low of just 26 sales last week, Saskatoon real estate agents reported a total of 41 residential sales to the MLS® system this past week. While up from the previous period by 15, sales fell lower on an annual basis by 20.

The new listing activity followed a similar pattern. Local agents added 123 new residential listings to the multiple listing service® to record a gain of 96 units on a weekly basis but finished down annually by nearly 40 units.

In spite of a week that produced far more new listings than sales, the inventory of Saskatoon homes for sale fell again, now for the 16th consecutive week. This decline is largely due to a number of listings that were canceled and removed from the system, and a hefty number of listings (81) that expired since our last report. 

There are currently just 833 active residential real estate listings in Saskatoon, lower than the previous week’s close by 39, and further down by 77 units on a year-over-year basis.

Eager buyers have 380 options in the single-family homes category, down just six for the week, and lower annually by 47. 

There are also 400 Saskatoon condos for sale. That represents a drop of 22 from the week before and a decline of 86 units when compared against numbers recorded at the close of the same week last year.

30-day sales continued to fall, as expected, this week reaching an annual low of just 225. Here’s what “months of inventory” look like today.

All residential - 833 active listings / 225 sales = 3.7 month supply (up 0.3 months from last week and now up for the fifth consecutive week)

Single-family homes - 380 listings / 143 sales = 2.7 month supply (up 0.4 months from last week, and improving for the third week in a row).

Condos - 400 listings / 70 sales = a 5.7 month supply. (the same as last week and approaching buyer’s market territory).

After a week with far fewer than normal upper-end sales, activity at the higher price points grew, as transactions below 200K fell. With that, the weekly median price bounced up again to reach a more typical level, $365,933. The weekly average sale price of a Saskatoon took a bigger bounce after having fallen below 300K for the first time in 2021 last week. This period, it grew to $376,080.

Looking a little longer-term, the six-week average price tumbled just over 10K this week to settle at $366,644. That’s higher than it was at this time last year by twelve thousand dollars. The four-week median price, meanwhile, grew by 10K from the previous week to hit $345,000 to take annual gains of $18,000.

For the first time since the opening week of 2021, there was not a single resale home that sold for more than the seller’s asking price, proving again that those buyers who were willing to engage in a negotiation over the last 10-15 days of December were not likely to encounter competitive bids. There were 36 sales that went below the seller’s proposed list price by an average of $13,453.

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. 

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 450,000 user sessions in the past year and displayed more than four 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 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

Happy New Year to you and yours! I sincerely hope that 2022 is a spectacular year for you all.

I’ve said it before and I’ll say it again, almost anything can happen during the holiday weeks, or in this case, not happen.

Saskatoon real estate sales came fairly close to stopping altogether this week in most areas of the city. In fact, there were just seven sales reported on the entire west side of the river. Local agents sent a total of 26 residential sales to the MLS®, down from 67 the previous week, and also lower on an annual basis by eight.

The new listing activity also slowed to a crawl as just 27 properties were offered for sale on the multiple listing service®. That’s down by 20 from the previous week and lower by seven on a year-over-year basis. 

Active listing inventory continued its downward trend falling for the 15th consecutive week to settle at just 872, the lowest number for any week since the first week of December 2012. 

Yes, 2012. 

The total number of homes available for sale on the MLS® is lower than it was last week by 18, and down 38 annually.

Today, the number of detached homes for sale is at 386, for a drop of seven from last week and lower annually by 14. Condo inventory has slipped 10 from last week to 422 for a year-over-year decline of 32 units.

30-day sales dropped like a rock falling off a cliff. That measure slid from 321 last week to just 257. Here’s what “months of inventory” look like today.

All residential - 872 active listings / 257 sales = 3.4 month supply (up 0.6 months from last week and now up for the fourth consecutive week)

Single-family homes - 386 listings / 172 sales = 2.2 month supply (up 0.4 months from last week, and improving for the second week in a row).

Condos - 422 listings / 74 sales = a 5.7 month supply. (Up 0.8 months from last week and approaching buyer’s market territory).

Once again, upper-end sales were soft with just three properties selling for more than 400K. That pushed the weekly average sale price and the weekly median price lower to $$290,898 and $295,450 respectively. While we did have a lower weekly median one week in 2021, this is the only week this year that the weekly average sale price of a Saskatoon home fell below $300K.

Meanwhile, the six-week average price stayed within a few thousand dollars of its annual high. That measure closed the week at $376,753. It’s down just over a thousand dollars from last week, and higher annually by a bit more than thirty-six thousand dollars. The four-week median price fell lower for the sixth consecutive week to close the period at $335,000. It’s lower than last week by a bit more than 16K, but higher annually by just over six thousand.

Overbid sales nearly disappeared, as one might expect of a week in which sales all but stopped. Still, three enthusiastic buyers offered to pay more than the seller’s asking price by an average of $5,200. Another 20 sales went below the list price with an average discount of $8,612.

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. 

As I close this week, and another year of weekly reviews, I thank you for reading and for watching my videos. I appreciate your attention very much as I know that you have a lot to do.

Again, Happy New Year.

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 450,000 user sessions in the past year and displayed more than four 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 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra