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Saskatoon real estate week in review for August 21-27, 2021 (edition #755)


After a couple of exceptionally strong weeks, Saskatoon home sales fell back into double-digit territory as local REALTORS reported 96 firm sales to the multiple listing service®. That number is down by 35 when compared to activity recorded the previous week and lower annually by 11.


The new listing activity took a similar path. This week, 168 Saskatoon home sellers offered their property for sale on the MLS®, a drop of 63 units compared to the week before, and a decline of 13 when measured against new listings over the same week last year.


Saskatoon real estate sales and new listings sold through the MLS from August 21-27, 2021



In spite of the gap between sales and new listings, a good number of canceled and expired listings kept the inventory of residential MLS® listings from growing much. At the close of business Friday, we had 1455 Saskatoon homes for sale, up just one from the previous week’s close, and lower on a year-over-year basis by 87.


Both condos and single-family homes numbers were largely unmoved from last week. We have 779 detached houses for sale, down from 867 last year at this time, and 597 condos, up by 21 from a year ago.


The largest shift we see this week is in the 30-day sales numbers which took a dive to 475 units. That’s the lowest level recorded since the week that crossed the middle of March. To be clear, these are still unbelievably strong sales numbers for almost any month, let alone August but it’s obvious that some of the extreme heat is now abating.


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


All residential - 1455 active listings / 475 sales = 3.0 month supply (up 0.1 months from last week)


Single-family homes - 779 listings / 293 sales = 2.7 month supply (up 0.1 months from last week).


Condos - 597 listings / 156 sales = a 3.8 month supply. (up by 0.3 months from last week).


Active residential listings on the Saskatoon MLS on August 28, 2021



With condos making up a significantly smaller percentage of sales this week, compared to last, both the weekly median price and the average shot higher to $353,647 and $371,653 respectively.


Both of the longer-term measures that we look at remained stable on a weekly basis but fell lower annually. The six-week average price is at $355,342 this week, up just a few hundred dollars from last week but down $2,500 annually.  The four-week median price held steady at last week’s number, $335,000 to close the week down $1,500 annually.


Average and median prices for Saskatoon homes sold through the MLS from August 21-27, 2021



Overbid sales made up a larger percentage of sales this week as they grew from 10 last week to 12 this week. More notable, the average overbid spiked to its highest point in a couple of months hitting $15,904, thanks in part to one home that sold more than $80,000 above the seller’s asking price. Meanwhile, 74 of the week’s 96 sales closed below the seller’s asking price at an average discount of $10,969.00.


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.


List price to sale price ratio of Saskatoon homes sold through the MLS from August 21-27, 2021


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from August 21-27, 2021


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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


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Norm Fisher, TeamFisher

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 750 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 750 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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