After falling to their lowest level since late January last week, Saskatoon home sales took a slight increase as the numbers grew by four to reach 69, down from 96 over the same period last year.

The new listing activity also saw a slight uptick as Saskatoon real estate agents added 157 residential properties to the MLS® system. That’s higher than the previous week by three and lower annually, also by three units.

Once again, canceled and expired listing numbers kept the inventory from growing, despite the large gap between listings and sales. We closed the week with 1125 active residential listings for a weekly drop of four and an annual decline of 135 units.

In the mix, we see 688 single-family homed for sale, up eight from last week, and higher than it was at the close if the same week last year by 28. Active condo listings in Saskatoon sit at 369 today, lower than last week by seven, and down 133 from this time last year.

The number of homes to have sold over the past 30 days continued to move lower, as we would expect at this time of year. Today, we can find 320 residential sales reported over 30 days.

Fewer active listings and weak sales brought “months of inventory” (MOI) modestly higher on two of the three categories we track. Here’s what MOI looks like today.

All residential - 1125 active listings / 320 sales = 3.5 month supply (up 0.1 months from last week).

Single-family homes - 688 listings / 192 sales = 3.6 month supply (up 0.3 months from last week).

Condos - 369 listings / 109 sales = 3.4 month supply. (down 0.1 months from last week). 

The average sale price for the week slipped lower by a few thousand dollars to settle at $346,762 while the weekly median price grew six thousand dollars to reach $339,900.

The increase in the weekly median was not enough to break what is now a nine-week trend for the four-week median sale price. It fell again, this time shedding just $500 and finishing the week at $322,000. That’s down $32,500 annually. 

The six-week average price fell lower for the fifth consecutive week as it lost about seven hundred dollars from last week’s close finishing the week at $352,472. That is lower on a year-over-year basis by just under 14K.

See my comments in last week’s review about what is impacting these two price measures.

The number of Saskatoon homes reported having sold for more than the asking price slipped to just three while the average overbid fell to $6,433. Additionally, only five sales reported a price at the asking price, Meanwhile, 61 of the week’s 69 sales were reported to have sold below the list price generating an average discount of $12,160.

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 two weeks of sales growth, Saskatoon home sales tumbled lower this week as local real estate agents reported just 65 firm sales to the multiple listing service®. That number marks a decline of 25 units compared to last week and it’s lower annually by 45. This isn’t a huge surprise, given the large number of sales posted over the previous two weeks, but still, it’s our weakest seven-day sales period since the third week of January.

Meanwhile, 154 new residential listings were added to the MLS® through the week, up 14 from last week and higher compared to the same period last year by eight.

Even with the huge disparity between sales and new listings, canceled and expired listings pushed the number of Saskatoon homes for sale lower for the fifth consecutive week. We finish this period with 1129 active listings, down 12 from last week’s close and lower on a year-over-year basis by 141. 

Today, Saskatoon home buyers can find 680 single-family homes for sale, five fewer than last weekend, and up annually by seven. There are 376 condominiums for sale, down seven from last week’s close, and well lower than the 529 units that were for sale at this time last year.

The number of homes to have sold over the past 30 days saw a small upward bump as that measure grew to 334 from 330 the week before. This moved “months of inventory” (MOI) slightly lower across the broader market for the second week in a row, while it remained stable across the two major types of housing. Here’s what MOI looks like today.

All residential - 1129 active listings / 334 sales = 3.4 month supply (down 0.1 months from last week).

Single-family homes - 680 listings / 208 sales = 3.3 month supply (the same as last week).

Condos - 376 listings / 108 sales = 3.5 month supply. (the same as last week). 

The luxury market remained quiet with just one sale posting a sale price above $650,000. With a third of all sales having sold below the quarter million dollar mark, the median price for the week remained low. It came in at $333,000. The weekly average grew modestly to $350,498.

Looking at prices over a bit of a longer term, we see the six-week median price edge lower for the fourth consecutive week. It closed the period at $353,080 down a bit more than 4K from last week and lower annually by more than seven thousand dollars. It’s now at its lowest point since late March of this year.

The four-week median price continued its downward slide, now for the eighth week in a row. It closes the week at $322,500 for a weekly drop of thirty-five hundred dollars and lower than it was a year ago by $38,500. This is its lowest point for any week since the third week of February in 2021 before the market ramped up for the spring. Again, this is a clear indication that the upper-end market has softened significantly, partly due to fewer options in the inventory, and further impacted by rising interest rates.

So, why are prices tumbling in what can still only be described as a seller's market? Let's break it down.

Home sales reported between September 1 and October 21 of this year are lower than they were over the same period last year by 23 percent.

Meanwhile, sales of homes with prices of $700,000 or more have fallen sharply. They're down 43 percent for the period.

More importantly, we see a massive increase in activity when it comes to sales of homes priced below $250,000. Even as sales across the broader market have slipped 23 percent, sales in the lower-priced category have spiked higher by 23 percent.

This shift is largely due to interest rate hikes and eroding affordability, and it's leading to lower average and median sale prices, even as the price of a specific property has hardly changed.

Once again, five lucky sellers managed to close a sale for more than they had been asking. Those sellers broke away with an average bonus of $10,834 but the bulk of the winnings went to two of the five sellers, while the other three saw a token overbid. Another eight homes attracted a full-price offer, while 52 of this week’s sales reported a price that was below the asking price by an average of $11,554.

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

For the second week in a row, Saskatoon real estate sales rose, this week reaching 90 units. That’s their highest level in six weeks, up a dozen sales from last week and down just one when compared to sales for the same week the previous year.

Meanwhile, the number of new residential listings processed through our MLS® system slipped lower. This week, local agents added 140 Saskatoon homes to the system, down 14 from last week, and up annually by five.

The inventory of active listings fell lower for the fourth consecutive week. Today, there are 1141 Saskatoon homes showing an active status on the multiple listings service®, down 30 from last week, and lower annually by 177 units.

A closer look at the two major categories shows 685 houses for sale today, down 23 from last week, and 20 fewer than could be found a year ago. Additionally, there are 383 condos available to buyers, down eight from a week earlier, and way down from 528 last year.

Brisk sales this week, brought the number of Saskatoon homes to have sold over the most recent 30 days higher by three to 330. This moved “months of inventory” (MOI) modestly lower in two of the three categories we track.

All residential - 1141 active listings / 330 sales = 3.5 month supply (down 0.1 months from last week).

Single-family homes - 685 listings / 209 sales = 3.3 month supply (down 0.2 months from last week).

Condos - 383 listings / 146 sales = 3.7 month supply. (the same as last week). 

Entry-level activity remained strong through the period and kept the median sale price for the week on the low side at $321,250. The weekly average sale price moved higher to $334,331 which is also considerably lower than what’s been typical for most of the year.

The six-week average price took its third consecutive weekly decline as it fell to $357,311. That’s down a bit more than 5K from last week and just twelve hundred dollars above the level recorded a year earlier.

The four-week median price declined for the seventh consecutive week as upper-end sales continue to fall. It closed the week at just $326,000. That’s lower on a weekly basis by 12K and down year-over-year by twenty-six thousand dollars.

The number of Saskatoon home sellers who closed a deal for more than they were asking remained steady at just five, while the average overbid took a big drop from more than 13K last week to just $4,284 this period. Another seven sales resulted in a full-price offer while 77 of the week’s 90 sales closed at a price below the list price by an average of $12,606.

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 September of 2022.

Saskatoon home sales saw a small weekly bounce as local REALTORS® reported 78 residential sales to the multiple listing service®, up 10 from last week, but lower by 14 when compared to sales for the same week last year.

The new listing activity also pushed higher, this week growing by four units to reach 154. We closed the week well down annually. Over the same period last year, 200 Saskatoon homes were listed for sale on the MLS®. 

After five weeks with very little change from one week to the next, the total number of Saskatoon homes showing an active status on the MLS® finally slipped lower. As of this morning, there at 1171 residential properties for sale within city limits, down 26 from last week’s close, and lower annually by 164 properties.

On the heels of a listing surge, last week, that produced to first year-over-year increase we had seen in the single-family homes category in close to two years, we closed this week with 708 Saskatoon houses for sale. That’s lower than last week by 22, and down two from where it stood a year ago.

Condo inventory slipped 14 from last week to 391, to close the week lower annually by 152 units.

The number of Saskatoon homes to have sold over the most recent 30 days fell modestly lower, this week closing at 327 units, down just two from last week. This pushed “months of inventory” (MOI) modestly lower in two of the three categories we track.

All residential - 1171 active listings / 327 sales = 3.6 month supply (the same as last week).

Single-family homes - 708 listings / 201 sales = 3.5 month supply (down 0.1 months from last week).

Condos - 391 listings / 106 sales = 3.7 month supply. (down 0.2 months from last week). 

A surge in entry-level activity pushed the median sale price and the average sale price for the week sliding to their lowest levels this year. The median for the period was down 17K to $297,000. The average for the week took a huge tumble, falling more than 70K to just $323,283.

The six-week average price took its second consecutive decline, this week falling close to eleven thousand dollars to settle at $361,646. That is the lowest recorded number since the final week of March, but it’s still higher annually by about 5K.

The four-week median price continued to trend lower as it has been now for six weeks. It closed the period at $336,000. That’s lower than last week by nearly $7,000 and falls below the number recorded this same week last year by almost $4,000.

The number of homes that sold for a price greater than the listed price slipped lower to just five. Those five deals generated an average bonus of $13,150 thanks to one sale that was $35K above the asking price. Meanwhile, 67 deals were reported to have sold at less than the asking price by an average of $12,887.

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 in the residential category slipped to their lowest point since mid-February this week. Local agents reported just 68 firm sales to the multiple listing service®, down six from last week, and lower annually by 31. 

The new listing activity also continued to fall to settle at 150 for a weekly drop of 15. That’s 21 fewer homes than hit the MLS® over the same period last year, and it’s the smallest number of Saskatoon homes listed during any week since late February.

The inventory of active residential listings remained steady now for the fifth week in a row to create an unusual flatline on the listing chart which is normally slipping lower, fast, at this time of year. We finished the week with 1197 residential listings showing an active status, down just one from last week’s close, and lower on a year-over-year basis by 147.

The number of single-family homes for sale in Saskatoon grew by nine this week to close the week at 730. This marks the first week this year in which inventory actually grew on an annual basis in this category, which has consistently experienced serious lows, now for the better part of two years. There are 30 more houses showing as active on the MLS today than there were a year ago.

Condo inventory increased by two this week to 405 and finish the week lower on a year-over-year basis by 131 units.

The number of Saskatoon homes to have sold over the most recent 30 days continued to slip lower, as it does at this time of the year, this week dropping to 329, down 41 units from last week. This pushed “months of inventory” (MOI) significantly higher, and closer to “balance” in all three categories that we track. We will almost certainly be in balance in all three categories within the next two weeks.

All residential - 1197 active listings / 329 sales = 3.6 month supply (up 0.4 months from last week).

Single-family homes - 730 listings / 205 sales = 3.6 month supply (up 0.4 months from last week).

Condos - 405 listings / 104 sales = 3.9 month supply. (up 0.6 months from last week). 

The median sale price for the week slipped lower to $340,000, while the weekly average sale price of a Saskatoon home took a large jump to $394,260 due to the three highest-priced sales for the week that averaged more than $1.25 million dollars each.

The six-week average price of a Saskatoon home took its first drop in a few weeks’ time as it slipped close to seven thousand dollars from last week to $372,195. That remains 17K higher than it was at the close of the same week last year.

Meanwhile, the four-week median price grew by a couple of hundred dollars to hit $344,750 which is up annually by just under fifteen thousand dollars.

In spite of softening demand and stable inventory, seven home sellers managed to close a deal for more money than they had been asking, but the average overbid tumbled by more than 60%. Those seven deals, on average, paid seller’s a bonus of $4,814. 

There was just one sale that reported a “full price” transaction, while 60 of the week’s 68 transactions closed below the list price generating an average discount of $17,987. 

It’s worth pointing out that this “discount” was significantly skewed higher by the top-dollar sale which went $350K below the list price. If you remove that single sale from the mix, the average discount is about twelve thousand dollars, which is more typical of what we’ve been seeing in recent weeks.

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