CONTACT

Saskatoon real estate week in review for December 25-31, 2021 (edition #773)


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. 


Saskatoon real estate sales and new listings sold through the MLS from December 25-31, 2021



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).


Active residential listings on the Saskatoon MLS on December 31, 2021



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.

 

Average and median prices for Saskatoon homes sold through the MLS from December 25-31, 2021



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.


List price to sale price ratio of Saskatoon homes sold through the MLS from December 25-31, 2021


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from December 25-31, 2021



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.


Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.


TeamFisher.com hosted over 450,000 user sessions in the past year and displayed more than four 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:
No comments

Post Your Comment:

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.
 

Subscribe to our Blog

Posts By Date
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
$(document).ready(function () { var allBoxes = $("#mrp-container10 div.weblet_web-syndication").children("div"); transitionBox(null, allBoxes.first()); }); function transitionBox(from, to) { function next() { var nextTo; if (to.is(":last-child")) { nextTo = to.closest("#mrp-container10 .weblet_web-syndication").children("div").first(); } else { nextTo = to.next(); } to.fadeIn(500, function () { setTimeout(function () { transitionBox(to, nextTo); }, 7000); }); } if (from) { from.fadeOut(500, next); } else { next(); } }