Saskatoon real estate week in review for August 13-19 2022 (edition #806)

Saskatoon real estate sales fell lower for the second consecutive week, this period dropping to 85, the smallest number of sales for any week this year since late February. That’s down seven units from last week and way below the 132 homes that sold over the same week last year.

Meanwhile, the new listing activity took an upward turn reaching 182 for a weekly gain of 12 and an annual decline of 49.

Saskatoon real estate sales and new listings sold through the MLS from August 13-19, 2022

For the second week in a row, the inventory of Saskatoon real estate listings on the multiple listing service grew®, which is unusual for this time of the year. By the close of business on Friday, there were 1286 active residential listings on the system, up 20 from the previous week’s close, and down on a year-over-year basis by 169. 

Most of the growth in the inventory was in the condo category which rose by 19 this week to reach 454, down 143 from a year ago. The number of detached houses available moved up to 732 on a weekly basis to finish down just 48 units from the same time last year.

The number of Saskatoon homes to have sold over the most recent 30 days fell again, this week to 444, the smallest number we’ve seen since the period beginning in late January when winter had us in its grip.

Here’s what “months of inventory” look like today. 

All residential - 1286 active listings / 444 sales = 2.9 month supply (up 0.1 months from last week).

Single-family homes - 732 listings / 271 sales = 2.7 month supply (down 0.1 months from last week, thanks to a small increase in the 30-day sales figure).

Condos - 454 listings / 154 sales = 2.9 month supply. (up 0.3 months from last week, for the second time in two weeks). 

Active residential listings on the Saskatoon MLS on August 19, 2022

A spike in upper-end activity led the weekly median price higher to $388,000 while the average price followed along and hit $430,537.

After sliding lower for five consecutive weeks, the six-week average price turned and headed for higher ground, this week growing by more than $6,000 to reach $370,548 and claiming an annual increase of 15K.

The four-week median price, which had also shifted substantially lower since early July, took its second weekly gain to hit $351,500. That amounts to an increase of $16,500 from last week and an annual gain of $15,000.

Average and median prices for Saskatoon homes sold through the MLS from August 13-19, 2022

After sliding to just 12 last week, the number of homes that sold for more than the asking price grew to 16 with an average overbid of $8,494. On the flip side of the negotiating table, 59 Saskatoon homes were reported to have sold for less than the asking price by an average of $11,875.

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.

List price to sale price ratio of Saskatoon homes sold through the MLS from August 13-19, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from August 13-19, 2022

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Norm Fisher

Royal LePage Vidorra


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