Saskatoon real estate week in review for August 28 - September 3, 2021 (edition #756)

Saskatoon homes sales bounced back again growing by 20 from last week to reach 116. This is the second consecutive week to record an annual decline. This week we lost 11 unit sales when compared to the same week last year.

The number of new Saskatoon real estate listings to hit the market also fell lower for the second week in a row. Local agents added 153 Saskatoon homes to the multiple listing service®. That’s down from 168 the week before and lower annually by 34 properties.

Saskatoon real estate sales and new listings sold through the MLS from August 28 - September 3, 2021

Fewer new listings, stronger sales numbers, and a solid handful of listings that expired without a sale as August closed brought the number of active real estate listings in Saskatoon lower to just 1375. That’s 80 fewer homes than were available the week before. Last year at this time Saskatoon homes buyers had nearly 1500 listings to choose from.

Today’s totals include 723 detached houses, down from 779 last week and further down from 832 a year ago. In addition, we now have 575 condominiums, down from 597 last week, and up just four units from what was available at this time last year. 

Despite 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.

After falling to its lowest level since March last week, 30-day sales rebounded to 498 for a weekly gain of 23 units.

Still, even with a decent increase in sales, the lower level of available inventory created even tougher conditions for anyone wishing to buy a home.

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

All residential - 1375 active listings / 498 sales = 2.8 month supply (down 0.2 months from last week)

Single-family homes - 723 listings / 314 sales = 2.3 month supply (down 0.4 months from last week).

Condos - 575 listings / 156 sales = a 3.7 month supply. (down by 0.1 months from last week).

Active residential listings on the Saskatoon MLS on September 3, 2021

Entry-level home buyers showed up strong this week. With 52 of this week’s sales reporting a price below $300,000, the weekly median price fell sharply lower to just $312,250. The weekly average fell, but by far less. It closed the week at $356,197 thanks to a couple of sales that averaged just under $1.6 million each.

Our longer-term price measures both continued to sit at the lowest levels we’ve seen in months. The six-week average price is now at $354,823. That’s down just $500 from last week and lower annually by 2K. It is the lowest six-week average price recorded since early March, and well off of the peak that we hit in early June when this measure climbed to $381,210. 

Meanwhile, the four-week median price fell $10,000 from last week to $325,000. That's down 12K from a year ago. We have to look all the way back to late February to find the last time it was that low. It’s way off its peak which was $382,295 in mid-May.

Average and median prices for Saskatoon homes sold through the MLS from August 28 - September 3, 2021

The number of sellers to receive an offer for more than their asking price grew from 12 last week to 15 this week. Those sellers saw an average bonus of $13,824 which is down a couple of thousand dollars from last week’s spike. It’s worth pointing out that half of the week’s overbid sales were just $100 over the asking price. Another 92 deals were put to bed at a price that was less than the listed price by an average of $10,568.

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 for $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 28 - September 3, 2021

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from August 28 - September 3, 2021

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Norm Fisher

Royal LePage Vidorra


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