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Saskatoon real estate week in review for February 5-11, 2022 (edition #779)


Another week is in the rearview mirror as we continue to move towards the spring Saskatoon real estate market.


Over the past week, local REALTORS® reported 67 firm residential sales to the Saskatoon MLS®, down by eight units from last week, and falling lower on an annual basis by 27 sales. We have been down year-over-year now for six consecutive weeks. This week’s annual decline is the largest we’ve seen so far this year.


The new listing activity ramped up nicely this period providing eager buyers with a little hope, as 153 Saskatoon homes hit the market, a new weekly high for this year. That’s higher than last week by 23, but down from the same week last year by 13.


Saskatoon real estate sales and new listings sold through the MLS from February 5-11, 2022



A strong week for new listings, and slightly softer sales numbers led us to the largest increase we’ve seen this year to the inventory of MLS listings. At the close of business Friday, home buyers could find 922 homes showing an “active” status on the system. That’s more than we had at the close of the previous period by 57, but down by 132 annually.


The single-family homes category, which has been desperately low for a couple of years saw the greatest gains as available listings grew from 386 to 425. That’s down just 18 units from tallies taken at this time a year ago. Condo inventory is at 436, up 11 on a weekly basis and lower annually by 109.


30-day sales took another gain, as is expected as we move further away from the weakest months of each year. That number is now at 285, up by two dozen sales from last week.


 “Months of inventory” remained reasonably stable. Here’s what that measure looks like today.


All residential - 922 active listings / 285 sales = 3.3 month supply (unchanged from last week).


Single-family homes - 425 listings / 168 sales = 2.5 month supply (unchanged from last week).


Condos - 436 listings / 99 sales = a 4.4 month supply. (down 0.3 months from last week and rapidly moving back towards seller’s market territory).


Active residential listings on the Saskatoon MLS on February 12, 2022



A huge week for condos priced below $250,000 helped bring the weekly median price and the weekly average significantly lower to $357,900 and $347,694 respectively.


Meanwhile, the longer-term measures we track both grew.


The six-week average price of a Saskatoon home grew by just $3,000 to $361,019 to take an annual bump of 14K. The four-week median price grew by 10K from last week and reached $345,000. That’s up by $25,000 from the same week last year.

 

Average and median prices for Saskatoon homes sold through the MLS from February 5-11, 2022



After a bit of softening the previous week, overbid sales doubled and reached ten. Those lucky sellers saw an offer that was, on average, $8,740 above their asking price. Another 47 sellers took some lumps to complete a deal that was lower than their asking price by an average of $10,524.


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 5-11, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from February 5-11, 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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