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Saskatoon real estate week in review for January 15-21, 2022 (edition #776)


Saskatoon real estate sales failed to gain steam this week as just 50 homes were reported firmly sold to the multiple listing service®. That’s even with last week, and down 20 from the same week last year to mark the third consecutive week in which sales have fallen on an annual basis.


The new listing activity fell sharply lower to just 91 units this week. That’s down 40 units from the week before, and lower than what we saw over the same period last year by 24 homes.


Saskatoon real estate sales and new listings sold through the MLS from January 15-21, 2022



The number of active listings on the multiple listing service® in Saskatoon grew again, now for the second week in a row. By the close of business Friday, local buyers had a selection of 864 residential properties showing an active status, up just nine from a week earlier, but lower annually by 154.


In the mix, we have just 388 single-family homes, one more than we had a week ago, and 63 fewer than could be found at this time last year. Additionally, there are 424 condos for sale in Saskatoon, which is higher by five from last week and down 85 annually.


30-day sales slipped lower again, this week falling to just 186, the lowest level in well over a year.  Here’s what “months of inventory” look like today.


All residential - 864 active listings / 186 sales = 4.6 month supply (up 0.5 months from last week and now up for the seventh consecutive week.)


Single-family homes - 388 listings / 112 sales = 3.6 month supply (up 0.6 months from last week, and improving for the fifth week in a row).


Condos - 424 listings / 59 sales = a 7.2 month supply. (up 0.9 months last week and now well into buyer’s market territory).


Again, I sense that demand is looking a little weak because there are so few homes for sale.


Active residential listings on the Saskatoon MLS on January 21, 2022.



You may recall that last week there was an unusually high level of sales at price points below $200,000. That dropped off considerably this period causing the weekly median price and the weekly average price of a Saskatoon to bounce higher to $326,500 and $335,534 respectively. Those numbers are still lower than what had been typical as 2021 was winding down.


The six-week average price fell lower for the sixth week in a row, this time slipping by just over $7,000 to $354,385. That’s still higher annually by ten thousand dollars. The four-week median price dropped 10K from last week to settle at $333,500 to grow annually by thirteen thousand dollars.

 

Average and median prices for Saskatoon homes sold through the MLS from January 15-21, 2022



The number of Saskatoon homes to sell for more than the asking price dropped to five, from seven the week before. Those contracts saw an average overbid of $15,360, a number that was seriously skewed by a $36,600 overbid, and another at 25K. There were 42 sales reported to have sold below the asking price, on average by $12,061.


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 $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 January 15-21, 2022


More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from January 15-21, 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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