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Saskatoon real estate week in review for August 20-26, 2022 (edition #807)


Saskatoon real estate agents reported 91 residential sales to the multiple listing service® this past week, up from 85 the week before, and lower annually by five sales.


The new listing activity softened as just 162 Saskatoon homes were listed for sale, which is lower on a weekly basis by 14, and down from the same week last year by six.


Saskatoon real estate sales and new listings sold through the MLS from August 20-26, 2022



After growing over the past two periods, the number of residential listings showing an active status on the MLS® system turned lower to 1269, down by 17 from the week before, and lower annually by 186.


As of the close of business Friday there were 728 single-family homes for sale, four fewer than the previous week’s close and lower annually by 51. Condo inventory had fallen to 441 for a weekly drop of 13 and an annual decline of 156.


Let’s take a look at “months of inventory” (MOI) which gives us a better understanding of the current supply and demand dynamic.


There have been 419 residential sales recorded through the multiple listing service® over the past 30 days. That’s down from 444 last week and is it the lowest level recorded since the week of March 12. This downward trend is normal. It’s a pattern that repeats every year. This number will continue to fall lower for the rest of the year.


All residential - 1269 active listings / 419 sales = 3.0 month supply (up 0.1 months from last week).


Single-family homes - 728 listings / 267 sales = 2.7 month supply (no change from last week).


Condos - 441 listings / 134 sales = 3.3 month supply. (up 0.4 months from last week, now higher for the third week in a row, and up a full month over those three weeks). 


While MOI remains firmly in seller’s market territory we are seeing slow and steady improvements that appear to be taking us back in the direction of a more balanced environment.


Active residential listings on the Saskatoon MLS on August 26, 2022



With nearly a third of all sales being condos, both the weekly median price and the weekly average sale price of a Saskatoon home fell lower to $372,500 and $385,567 respectively.



The six-week average price grew for the second week in a row to reach $373,949. That’s up from the week before by $3,500 and higher than it was at the close of the same week last year by about 19K. 


The four-week median price grew for the third consecutive week, this period reaching $365,950. This measure is up by a bit more than 14K on a weekly basis and higher annually by 30K.


Average and median prices for Saskatoon homes sold through the MLS from August 20-26, 2022



The number of Saskatoon home sellers who managed to close a sale at a price that exceeded the asking price grew to 17, and the average overbid jumped to $13,917. Meanwhile, 71 sales were reported to have sold at a price that was below the list price by an average of $13,467.


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 20-26, 2022

More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from August 20-26, 2022



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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


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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