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Saskatoon real estate week in review for August 27 - September 2, 2022 (edition #808)


For the first time in four weeks, Saskatoon home sales moved back into triple-digit territory as local agents reported 101 firm residential sales. That’s up from 91 last week but it falls short of numbers generated over the same week last year by 15.


The new listing activity moved in the opposite direction as just 158 Saskatoon homes were offered for sale on the multiple listing service®.  That number is down just four from the previous week, and higher annually by six.


Saskatoon real estate sales and new listings sold through the MLS from August 27 - september 2, 2022



For the second week in a row, the number of homes available in Saskatoon on the MLS® system fell lower, this week rather sharply, thanks to a good handful of listings that expired without a sale as August closed. Today, we have just 1196 active residential listings, down 73 from last week’s close, and lower than it was at this time last year by 186.


Among those listings are 703 single-family homes, down 25 from a week ago, and lower annually by 20. Additionally, the inventory shows 405 condominiums for sale, well down from 441 last week, and further down from 575 at this time last year.


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


The number of homes to have sold in Saskatoon over the past 30 days nudged up by two from last week to 421. Together with a drop in active listings, months of inventory fell lower in the three categories we track.


All residential - 1196 active listings / 421 sales = 2.8 month supply (down 0.2 months from last week).


Single-family homes - 703 listings / 269 sales = 2.6 month supply (down 0.1 from last week).


Condos - 405 listings / 131 sales = 3.0 month supply. (down 0.3 months from last week). 


Active residential listings on the Saskatoon MLS on September 2, 2022



With fewer than 20 sales reporting a price greater than $500K both the weekly average price and the weekly median price slipped lower to $358,214 and $334,900 respectively.


Meanwhile, the six-week average price took its third consecutive weekly increase as it rose just under a thousand bucks to reach $374,817 to take an annual gain of 20K. 


The four-week median price, after growing for three weeks took a downward turn slipping just under a thousand dollars to settle at $365,000 which is up 40K from the same week last year.


Average and median prices for Saskatoon homes sold through the MLS from August 27 - September 2, 2022


This week, 17 Saskatoon homes sold for more than the seller’s list price by an average of $13,182 while 77 deals closed below the asking price with an average discount of $11,153.


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 27 - September 2, 2022


More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from August 27 - September 2, 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


Comments:
Caroline Kormos on Sep 4, 2022 10:13 AM posted:
Reviews are very informational.

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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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