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Saskatoon real estate week in review for February 26 March 4, 2022 (edition #782)


Saskatoon real estate sales moved higher this week as 91 residential listings were switched from the active category to “sold”. That’s just one sale short of our previous peak week for 2022, up 13 units from the previous week, but shy of numbers recorded the same week of last year, also by 13. 


After falling lower for the past two weeks, the new listing activity spiked higher, thanks in part to 44 expired listings, many of which were immediately re-listed. There were 168 new listings processed by the Saskatoon MLS®, up from 117 last period, but well below the 214 listings that were added over the same period of 2021.


Saskatoon real estate sales and new listings sold through the MLS from February 26 - March 4, 2022



The number of Saskatoon homes showing an active status on the multiple listing service® failed to gain ground. We finished the week with 942 active listings, up just one from a week ago. That’s 179 fewer listings than were available a year ago.


Single-family homes inventory grew by 12 to reach 461 while condo inventory fell lower by five to 424.


30-day sales grew again, this week reaching 352, up from 339 last week.


 “Months of inventory” remained stable in two of three categories.


All residential - 942 active listings / 350 sales = 2.7 month supply (down 0.1 months from last week).


Single-family homes - 461 listings / 207 sales = 2.2 month supply (the same as last week).


Condos - 424 listings / 122 sales = 3.5 month supply. (the same as last week).


Active residential listings on the Saskatoon MLS on March 5, 2022



After falling to $305,000 the previous week, a little more action in the mid to upper price ranges brought the median sale price for the week higher to $359,900 while the average sale price grew more modestly to $348,029.


Both of our longer-term measures stayed the course showing almost no change.  The four-week median price came in at $349,900. That’s the third week in a row that it's been nearly unchanged, and it's on par with where we were at the close of the same week last year.


The six-week average price grew by $60 from last week to reach $362,627. That’s higher on a year-over-year basis by $13,000.

 

Average and median prices for Saskatoon homes sold through the MLS from February 26 - March 4, 2022



Overbid sales grew by 50 percent this week reaching 16. On average, those 16 sales paid the sellers a bonus of $12,931. Meanwhile, 57 of the week’s 91 sales were reported to have sold for less than the seller’s asking price by an average of $9,105.


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 February 26 - March 4, 2022


More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from February 26 - March 4, 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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