Saskatoon real estate week in review for February 27 - March 5, 2021 (edition #730)

Saskatoon real estate activity reached a high point for the year in both sales and new listings this week.

Local agents reported 104 Saskatoon homes sold this week to produce our highest volume week since mid-October. That’s higher than last week by ten sales and well more than double what we saw during the same week last year when just 46 sales were completed. That said, this will be just about the time, a year ago, when COVID concerns were heating up. I expect we’ll consistently see large year-over-year sales gains for the next few months.

New listings followed suit as 213 Saskatoon homes hit the market. That is higher than last week by 50 units, and higher than the same week last year by 15. New listings have been higher annually every week this year, except one.

Saskatoon real estate sales and listing stats for the week of February 27 - March 5, 2021

The number of active listings offered for sale on the multiple listing service® saw its largest weekly gain, now for the second consecutive week. As of this morning, home buyers could find 1121 homes showing as “active”. That’s higher than last week’s close by 49 homes. On an annual basis, inventory is lower by 329 units.

Today, there are 485 single-family homes for sale, up from 464 at last week’s close and down from 855 a year ago. Condo inventory sits at 578 today, up by 32 from a week ago. At this time last year, there were 513 Saskatoon condos for sale.

30-day sales grew again as they have each week this year, this week reaching 404.

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

All residential - 1121 active listings / 404 sales = 2.8 month supply. (That’s the same as last week. Seller’s market conditions).

Single-family homes - 485 listings / 262 sales = 1.85 month supply (Up from 1.8  months last week. Extreme seller’s market conditions).

Condos - 578 listings / 111 sales = 5.2 month supply. (Up from 4.7 months last week and in the balanced market territory, now for the fifth week in a row).

Active Saskatoon real estate listing on the MLS at March 6, 2020

With continuing strength at the price points well below the average, and about half as many sales above $500K as the previous week, both the weekly median price and the weekly average price fell lower to $351,450 and $342,374 respectively.

The four-week median price grew for the fifth consecutive week to hit $349,900, the highest number we’ve seen since the end of April 2017. It’s up nearly ten thousand dollars from last week, and higher annually by twenty-five thousand dollars.

The six-week average price inched lower on a weekly basis, down about $600. It claimed a year-over-year increase of 22K.

Average and median prices for Saskatoon homes sold February 27 - March 5, 2021

Overbid activity reached a new annual high with 17 homes selling for more than the seller had been asking. Those deals saw an average overbid of $5,237. That’s just a couple hundred dollars lower than it was last week. Meanwhile, 70 of the week’s 104 sales reported a price below the list price by an average of $12,163.

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.

NOTE: there is a Queen Elizabeth area sale in this list that appears to have gone nearly $130,000 below the list price. This is a data entry error. The sale price is actually $392,500 and not $292,500 as reported here. I have adjusted the averages accordingly in my reports.

Sale price to list price ratios for Saskatoon homes sold through the MLS the week of February 27 - March 5, 2021

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from February 27 - March 5, 2021

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Norm Fisher

Royal LePage Vidorra


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