Happy New Year to you and yours! I sincerely hope that 2022 is a spectacular year for you all.

I’ve said it before and I’ll say it again, almost anything can happen during the holiday weeks, or in this case, not happen.

Saskatoon real estate sales came fairly close to stopping altogether this week in most areas of the city. In fact, there were just seven sales reported on the entire west side of the river. Local agents sent a total of 26 residential sales to the MLS®, down from 67 the previous week, and also lower on an annual basis by eight.

The new listing activity also slowed to a crawl as just 27 properties were offered for sale on the multiple listing service®. That’s down by 20 from the previous week and lower by seven on a year-over-year basis. 

Active listing inventory continued its downward trend falling for the 15th consecutive week to settle at just 872, the lowest number for any week since the first week of December 2012. 

Yes, 2012. 

The total number of homes available for sale on the MLS® is lower than it was last week by 18, and down 38 annually.

Today, the number of detached homes for sale is at 386, for a drop of seven from last week and lower annually by 14. Condo inventory has slipped 10 from last week to 422 for a year-over-year decline of 32 units.

30-day sales dropped like a rock falling off a cliff. That measure slid from 321 last week to just 257. Here’s what “months of inventory” look like today.

All residential - 872 active listings / 257 sales = 3.4 month supply (up 0.6 months from last week and now up for the fourth consecutive week)

Single-family homes - 386 listings / 172 sales = 2.2 month supply (up 0.4 months from last week, and improving for the second week in a row).

Condos - 422 listings / 74 sales = a 5.7 month supply. (Up 0.8 months from last week and approaching buyer’s market territory).

Once again, upper-end sales were soft with just three properties selling for more than 400K. That pushed the weekly average sale price and the weekly median price lower to $$290,898 and $295,450 respectively. While we did have a lower weekly median one week in 2021, this is the only week this year that the weekly average sale price of a Saskatoon home fell below $300K.

Meanwhile, the six-week average price stayed within a few thousand dollars of its annual high. That measure closed the week at $376,753. It’s down just over a thousand dollars from last week, and higher annually by a bit more than thirty-six thousand dollars. The four-week median price fell lower for the sixth consecutive week to close the period at $335,000. It’s lower than last week by a bit more than 16K, but higher annually by just over six thousand.

 

Overbid sales nearly disappeared, as one might expect of a week in which sales all but stopped. Still, three enthusiastic buyers offered to pay more than the seller’s asking price by an average of $5,200. Another 20 sales went below the list price with an average discount of $8,612.

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.

More weekly stats and numbers for those who love them. 

As I close this week, and another year of weekly reviews, I thank you for reading and for watching my videos. I appreciate your attention very much as I know that you have a lot to do.

Again, Happy New Year.

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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