On the heels of our second strongest sales week this year, Saskatoon real estate sales fell lower to 106, down from 124 last week and down annually by 24. So far this year, sales have fallen lower on a year-over-year basis in 14 of 17 weeks.

The number of homes listed for sale in on the Saskatoon MLS, meanwhile, has slipped lower annually in all but one week this year. This week, local REALTORS® added 174 Saskatoon homes to the MLS® database. That’s down just three from last week but lower than the same week last year by 49.

It’s no surprise that the inventory of active MLS® listings grew just modestly. As of this morning, Saskatoon home buyers could find just 1033 Saskatoon homes for sale, for a gain of eight units from last week’s close, and down on a year-over-year basis by 336 units.

Over the course of the last 52 weeks, we’ve seen single-family homes inventory tumble from 652 to 537 today. The number of condos for sale has fallen further from 642 to just 423.

After months of continuous growth, 30-day sales reached a new peak last week of 498, and then fell lower to 492 units this week.

 “Months of inventory” was unchanged in two of the three categories we track.

All residential - 1033 active listings / 492 sales = 2.0 month supply (the same as last week).

Single-family homes - 537 listings / 289 sales = 1.9 month supply (up by 0.1 months from last week and growing for the second consecutive week).

Condos - 423 listings / 178 sales = 2.4 month supply. (same as last week, and at levels not seen since 2008).

With far less activity in the luxury home market, both the weekly median price and the average price fell lower to $345,200 and $349,179 respectively.

The six-week average price slipped off of its annual peak this week as it fell by about a thousand dollars to settle at $370,642 which is up a little more than four grand from the close of the same week last year.

The four-week median price continued on its upward path and grew by just under four thousand dollars from last week to reach a new annual high of $362,867. That’s lower than it was at this time last year by thirty-six hundred dollars.

This week, the number of Saskatoon homes that sold over the asking price remained steady at 31, in spite of sales slipping 15 percent overall. On average, those sellers saw a bonus of  $17,142 with the largest overbid coming in at whopping 80K.

Meanwhile, 58 of the week’s 106 sales sold for less than the asking price by an average of $10,169.

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. A description of the geographic boundaries of areas 1 through 5 is here.

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 gained ground for the second week in a row reaching 125 firm trades for a weekly gain of 21 units, and an annual decline of 16. 

The new listing activity slipped lower by two compared to last week. Local REALTORS® added 177 residential properties to the MLS® this week, down 46 when compared to listing activity over the same week last year.

Sales have declined on an annual basis in 13 of the 16 weeks that have passed so far this year. Year to date, we are at 1408 sales, down roughly 11 percent from last year. Meanwhile, new listing activity is at 2342 for the year, lower than last year by 18 percent.

The number of active real estate listings reached a new high for 2022 at 1025. That’s up 18 units from last week’s close, and down by 25 percent from this date last year when there were 1365 residential listings showing an “active” status on the system.

In the mix, we see 526 single-family homes, up 11 from a week earlier and down from 621 (down 15 percent) a year ago. Condo inventory is at 429 for a weekly increase of 4 and an annual loss of 232 (down 35 percent annually).

30-day sales made some modest gains again growing to 504 from 498 last week.

 “Months of inventory” was unchanged in two of the three categories we track.

All residential - 1025 active listings / 504 sales = 2.0 month supply (the same as last week).

Single-family homes - 526 listings / 297 sales = 1.8 month supply (up by 0.1 months last week).

Condos - 429 listings / 178 sales = 2.4 month supply. (down 0.1 months from last week, and a new low not seen since 2008).

With fewer sales at the entry level price points the median price for the week bounced higher to $358,750 while a large number of luxury homes pushed the average price for the week up sharply to $380,909.

The six-week average price continued on an upward trajectory and reached its highest point for the year at $370,937. Still, that’s lower annually by about $700. The four-week median saw an increase of two grand from last week to settle at $359,000. That’s actually down annually by almost 12K.

This week, sales reporting a price that was greater than the seller’s asking price reached a new high for the year at 31. Those properties averaged an overbid of $18,319 which I believe to be the highest average for any week this year. Another 78 deals closed at less than the asking price by an average of $12,615.

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. A description of the geographic boundaries of areas 1 through 5 is here.

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 March of 2022.

Saskatoon real estate sales activity remained subdued this week. Unit sales numbers did cross back into triple-digit territory, but just barely. Local REALTORS® reported 104 Saskatoon homes sold this week, up by eight from last week, but lower annually by 25.

The new listing activity grew modestly on a weekly basis by 21 units. The tally for the week came in at 179 which is significantly lower than the numbers generated over the same week last year when 241 Saskatoon home sellers offered a home for sale on the multiple listing service®.

The inventory of active listings reached its highest point for 2022 with 1007 listings displaying an active status on the MLS®. That’s an increase of 21 from last week, sadly one of our largest weekly increases this year. At this time last year, buyers had 1355 active listings to choose from, which hardly seemed like enough at the time.

Single-family homes inventory saw a good bounce as it grew by 38 to reach 515, down 106 from last year. Condos inventory fell lower by 11 on a weekly basis to settle at 425. That’s down 236 units from this time last year.

30-day sales grew once again but continued to show signs that we may be reaching the peak (these numbers should grow through May, but with weak inventory that seems unlikely unless something turns quickly). Like the previous week, the measure grew by just four to 498.

 “Months of inventory” was unchanged in two of the three categories we track.

All residential - 1007 active listings / 494 sales = 2.0 month supply (the same as last week).

Single-family homes - 515 listings / 291 sales = 1.7 month supply (same as last week).

Condos - 425 listings / 180 sales = 2.4 month supply. (down 0.1 months from last week, and a new low not seen since 2008).

Exceptionally strong condo sales, particularly those priced at the lower end of the spectrum helped usher both the median and the average sale price for the week lower to $311,950 and $345,565 respectively.

After pushing higher for several consecutive weeks both of our longer-term measures fell lower.

The six-week average price closed the week at $369,112. That’s just $800 shy of where it stood last week, and it’s lower annually by about two thousand dollars. 

The four-week median price slipped four grand from last week to $357,000 and also closed the week lower on a year-over-year basis by three thousand dollars.

The number of homes that sold for more than the seller’s asking price fell by five to 24. Those deals reported a sale price that was, on average, $10,500 above the asking price. Meanwhile, 67 of the week’s 104 sales closed below the listed price generating those buyers an average discount of $9,608.

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. A description of the geographic boundaries of areas 1 through 5 is here.

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

After four weeks of triple-digit sales, and a new unit sales record for the 2022 year, Saskatoon home sales took a dive falling 43 units from last week to just 98, for an annual decline of 15 sales.

The new listing activity also slipped lower falling to 158 for a weekly loss of 19 listings and a year-over-year decline of 67. 

Wow! 

Why the sharp drop in new listing activity from last year? Here’s my best guess. 

You’ve heard of “pent-up demand.” That phrase is typically used to describe a glut of home buyers who were sidelined from entering the market for any reason. In this market, I think we had some pent-up desire to sell that had been curbed by market changes. We saw that get released over the past year.

After reaching a new peak in 2014, Saskatoon home prices began to decline in 2015. Over the next few years, they fell quite a bit and continued to do so until they began to level off in late 2019. Falling prices trapped people who might have otherwise sold sooner, except that they were in a negative equity position. As prices began to rise, many of those homes were put on the market, with the largest portion of them coming back in 2021. While there are some apartment condos still well underwater, for the most part, much of that inventory has now been sold.

With far fewer homes being offered for sale this year, the inventory of available MLS® listings in Saskatoon is struggling to make gains. In fact, we’ve seen declines over the past two weeks, albeit modest. This is, however, a time of year that we expect big gains, so it’s a frustrating situation for everyone, except perhaps, home sellers.

This week, the inventory fell by just one unit to 986, way down from 1306 (a 35 percent drop) at this time last year.

In the mix today, there are 477 single-family homes for sale in Saskatoon, down ten from last and lower annually by 118 units. Condo inventory is at 436 today, up by five from last week’s close, but down by 207 units from where we stood a year ago.

30-day sales grew again but at a more modest pace. In fact, they grew by just two units from last week to 494.

“Months of inventory” was unchanged from last week in all three categories we watch.

All residential - 986 active listings / 494 sales = 2.0 month supply (the same as last week).

Single-family homes - 477 listings / 289 sales = 1.7 month supply (same as last week).

Condos - 436 listings / 1723 sales = 2.5 month supply. (same as last week).

There was just slightly more activity in the lower-priced half of the market this week which brought the median sale price and the average sale price for the week lower to $363,950 and $372,889 respectively.

The six-week average price reached a new high for the year for the second week in a row. It finished the week up by roughly $4,500 and reached $369,923, for an annual increase that came close to matching the weekly gain. 

The four-week median price grew for the third consecutive week, and also reached a new high for this year at $361,000. That’s higher than it was last week by six grand and $9,250 annually.

Overbid sales grew to 29, which is, without any doubt, the highest percentage of sales to go for more than the seller’s asking price for any week this year. On average, those homes attracted an offer that was $15,293 above the listed price. Meanwhile, 55 deals closed below the asking price with an average discount amounting to $9,866.

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. A description of the geographic boundaries of areas 1 through 5 is here.

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

It was another banner week for the Saskatoon real estate market as we recorded our fourth consecutive week of growing sales and reached a new weekly high for the 2022 calendar year. Local REALTORS® reported a total of 141 Saskatoon homes sold, up 27 from the previous week, and ahead of sales for the same period last year by eight.

The new listing activity was up by 14 from last week to reach 177 but still fell well below what was added to the system over the same week last year when 214 homes were offered for sale.

After reaching a new annual high above 1000 last week, the inventory of active MLS® listings slipped lower to 987. That makes for a drop of 17 from last week’s close and an annual decline of 273 units.

Today, we have 487 single-family homes offered for sale, down 13 on a weekly basis and lower annually by 74. Condo inventory sits at just 431 today for a weekly decline of 18 and an annual dip of nearly 200 units.

30-day sales continued to grow, this week growing by 43 to reach 492.

 “Months of inventory” fell further into seller’s market territory in all three of the categories that we track.

All residential - 987 active listings / 492 sales = 2.0 month supply (down 0.2 months from last week).

Single-family homes - 487 listings / 287 sales = 1.7 month supply (down by 0.2 months from last week).

Condos - 431 listings / 172 sales = 2.5 month supply. (down 0.3 months from last week and again, now at its lowest point in more than a decade).

Upper-end sales continued to drive the market and pushed the median price for the week higher to $373,000, even as the average sale price slipped lower to $378,439.

The six-week average price grew for the second week in a row coming close to its previous high for the year. It closed the week at $365,382. That’s higher by about a thousand dollars on both a weekly and an annual basis. Meanwhile, the four-week median price took a larger jump growing by $7500 from last week to reach $355,000. That’s up just three hundred dollars from where it finished the same week last year.

Overbid sales reached 27 this week with an average overbid of $9,786. Another 87 sales closed below the asking price by an average of $10,581.

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. A description of the geographic boundaries of areas 1 through 5 is here.

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