"Home sales recorded over Canadian MLS® Systems edged up by 1.3% between September and October 2022. While not a large increase, it was significant in that it was the first monthly gain since February.
"The actual (not seasonally adjusted) number of transactions in October 2022 came in 36% below that same month last year, and stood about 15% below the pre-COVID-19 10-year average for the month."
Highlights of CREA's report
• National home sales were up 1.3% on a month-over-month basis in October.
• Actual (not seasonally adjusted) monthly activity came in 36% below October 2021.
• The number of newly listed properties edged up 2.2% month-over-month.
• The MLS® Home Price Index (HPI) declined by 1.2% month-over-month and was down 0.8% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 9.9% year-over-year decline in October.
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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
On the heels of a strong week, Saskatoon home sales fell lower to 57 units, down 19 from the previous period and lower annually by 40 deals.
New listing activity dropped to its lowest level since the third week of January as Saskatoon real estate agents brought just 97 homes to the multiple listing service®. That’s 24 fewer homes than came on the market the week before and lower by 13 when compared to activity over the same week last year.
Active listing inventory slid lower for the 10th consecutive week closing the period at 1081, down 19 from last week. For the first time since May of 2021, we close the week with more active listings than we had a year ago. Last year at this time, there were 28 fewer Saskatoon homes for sale. In May of 2021, that lasted a single week. This time, I expect we’ll have year-over-year gains well into the new year.
A closer look at the major categories shows 649 single-family detached homes displaying an active status, down 21 from last week and up 152 from the close of the same week last year. Condo inventory sits at 362 today, up four from last week and down annually by 91.
30-day sales held steady this week at 273 leaving “months of inventory” (MOI) almost unchanged. Here’s what MOI looks like today.
All residential - 1081 active listings / 273 sales = 4.0 month supply (same as last week).
Single-family homes - 649 listings / 165 sales = 3,9 month supply (down 0.1 months from last week).
Condos - 362 listings / 85 sales = 4.3 month supply. (unchanged from last week).
It was another decent week for the upper end of the Saskatoon housing market. Robust sales in this pricing category brought the median weekly sale price to its highest point since mid-August. It came in at $365,000 while the weekly average sale price bounced higher to $365,889.
The four-week median price inched upwards for the third week in a row reaching $336,750 which is lower annually by 29K. Meanwhile, the six-week average price came up from its annual low reached last week rising to $350,969 to find itself lower than it was at this time last year by $30,000.
During this period, there were six Saskatoon homes sold for more than the asking price. Those deals saw an average overboard of $9,767. The number of sales recording a sale price that matched the seller’s asking price fell to just three. That left 48 of the week’s 57 sales reporting a price that was below the seller’s ask by an average of $11,769.
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 for those who want to go deeper.
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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
Posted on November 19, 2022 by Norm Fisher, Royal Saskatoon Real Estate
You may recall that last week was a short one, due to the observance of Remembrance Day and the consequential closing of the MLS®. Four day work weeks often result in soft sales that appear in the stats the following week. For that reason, we saw a bit of sales growth at a time of year when declines are most typical.
This period, sales grew to 76. That’s the largest number of sales that we’ve seen in five weeks, up 19 from last week but lower annually, also by 19 units.
The new listing activity also grew, but more modestly. Saskatoon real estate agents added 121 residential properties to the multiple listing service® for a weekly increase of six and a year-over-year gain of 25.
Our active listing inventory slipped below 1,100 this week, just barely, as we finish the week with 1,099 properties showing as “active” on the system. That’s lower than the previous week’s close by 16 and down just 26 from where it stood a year ago. The current trend indicates that inventory will be higher annually by next week and I expect it will stay that way through the winter months, which will be the first extended period of year-over-year gains in several years.
Today, buyers can find 682 single-family homes for sale. That’s down 12 from last week and well up from the previous year when there were only 582 houses available for sale. Condo numbers are at 358 today, down two from a week earlier and down from 408 a year ago.
30-day sales continues to inch lower, this week slipping by six 273 to bring “months of inventory” (MOI) to to a balanced state in all three of the major categories we track. Here’s what MOI looks like today.
All residential - 1099 active listings / 273 sales = 4.0 month supply (same as last week).
Single-family homes - 670 listings / 164 sales = 4.0 month supply (up 0.1 months from last week).
Condos - 358 listings / 83 sales = 4.3 month supply. (up 0.2 months from last week).
A solid sales week for homes above $500,000 pushed the median sale price higher to $335,500. The weekly average also grew and hit $359,898.
Still, the six-week average price continued on its downward slide that began eight weeks ago. This period, it comes in at $346,042. That’s down just $900 from last week and lower annually by 26K.
The four-week median price saw it’s third consecutive increase as it grew two thousand dollars from last week to reach $335,000. That’s also lower annually by $26,000.
The number of homes to sell for more than the asking price slipped to just four with the average overbid being $2,275. Just two other listings attracted a full list price offer leaving 70 of the week’s 76 sales selling below list price by an average of $13,613.
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
Sales numbers for the Saskatoon real estate market continued to come in towards annual lows with just 57 residential sales being reported to the multiple listing service®. That’s up from last week by two, but down from the same week last year by 25.
The new listing activity also waned, falling to its lowest level since the final week of January with just 115 Saskatoon homes being offered for sale on the MLS®. That number is lower than the previous week by 35, and down by 11 on a year-over-year basis.
It’s worth noting that the Saskatoon MLS® was closed for Remembrance Day on Friday. While that closure does not affect new listings, which are always uploaded by the seller’s brokerage, it does affect sales, which are always updated by the staff of the real estate association that provides the MLS service. In all likelihood, some of this week’s sales will go into next week’s numbers.
After falling lower for seven consecutive weeks, the inventory of active real estate listings in Saskatoon saw a slight upward tick. We close the week with 1115 residential listings available to buyers, up five from the previous week’s close, and lower annually by just 63.
Although inventory remains low it’s falling far slower than it typically would at this time of the year. It appears likely that over the next couple of weeks, we will find ourselves holding a greater number of listings than we did a year earlier.
As the week wrapped up, Saskatoon home buyers had a selection of 682 single-family homes, up just one from a week ago, and higher annually by 99 units. Condo inventory remained stable this week at 360 listings, down 161 from the close of the same week last year.
As expected, 30-day sales have been inching lower for about three months now. This week they took a large drop falling 24 units to slip below 300 for the first time since early this year. That number is now at 280.
Even with a slight growth in active listings, the drop in 30-day sales brought “months of inventory” (MOI) higher as two of the three categories we track officially landed in “balanced market” territory (inventory that would take four to six months to deplete based on current demand is considered to be in balance, where neither the buyer nor seller have a distinct advantage). Here’s what MOI looks like today.
All residential - 1115 active listings / 280 sales = 4.0 month supply (up 0.3 months from last week, and now in balance relative to demand).
Single-family homes - 682 listings / 174 sales = 3.9 month supply (up 0.2 months from last week).
Condos - 360 listings / 87 sales = 4.1 month supply. (up 0.5 months from last week and now in balance relative to demand).
With just 10 percent of sales boasting a sale price above 500K both the weekly average sale price and the weekly median fell lower to $317,597 and $325,000 respectively.
With luxury home sales seeing a larger drop in sales than any other category, the six-week average price continued its slide, now for the seventh consecutive week. It slipped about four thousand dollars from last week to $347,000. That’s down just over 30K on an annual basis and its lowest point since August of 2021.
After reaching its lowest point since early January last week when the number of selling for more than the list price fell to zero, a few die-hards eager to put the home-buying experience behind them threw some cash around. Six sales showed a sale price that was higher than the list price this week. Meanwhile, 44 of 57 sales required some back-and-forth negotiations that resulted in sale prices that were, on average, $11,377 below the asking 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. 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
Saskatoon home sales took a downward slide, this week falling to their lowest level since the third week of January. Local real estate agents reported 55 residential sales within city boundaries to the multiple listing service®. That’s down from the previous week by 14 and lower annually by 35 homes.
The new listing activity also slipped lower falling by seven units on a weekly basis to 150, which is actually up by ten units from the same week last year.
The number of Saskatoon homes available on the MLS® system slid lower for the seventh consecutive week. It fell by 15 from the week before to settle at 1110, lower than it was at this time last year by just 77.
At the close of the week, there were seven fewer single-family homes than were available a week ago. Buyers currently see 681 active listings in this category, up 21 on a year-over-year basis.
Condo inventory slipped nine on the week to 360, down 117 annually.
The number of homes to have sold over the past 30 days fell by 14 to 303, this week.
Fewer active listings and weakening 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 - 1110 active listings / 303 sales = 3.7 month supply (up 0.2 months from last week).
Single-family homes - 681 listings / 185 sales = 3.7 month supply (up 0.1 months from last week last week).
Condos - 360 listings / 100 sales = 3.6 month supply. (down 0.2 months from last week).
A couple of big dollar sales at the top of our list brought the average sale price of a Saskatoon home higher to $363,768 this week, even as the weekly median price remained stable at $340,000.
The six-week average price fell lower, now for the sixth consecutive week to $350,952. That’s lower annually by just over 25K.
Meanwhile, the four-week median price broke a nine-week losing streak as it grew by almost eleven thousand dollars from last week to $332,750. It’s down from a year ago by $32,500.
Last week, I asked the question, “Is overbidding a thing of the past?”
This week, we see absolutely zero homes selling for more than the seller’s asking price. Zero!
That’s the first time that has happened since the opening week on 2022. There were eight sales reported to have closed a sale at the listed price, while 47 of 55 residential sales reported a price below the seller’s asking price to generate an average discount of $12,231.
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
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