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Saskatoon real estate week in review for January 22-28, 2022 (edition #777)


Saskatoon home sales began to pick up a bit of steam as 75 residential properties were reported sold to the multiple listing service®. That’s up by 25 sales from last week, our previous high point for the year. It fell short of numbers reached over the same period last year buy just five sales. Each of the first four weeks of 2022 saw lower sales annually, but this week’s drop was the smallest.


The new listing activity, unfortunately, remained far lower than what we’d like to see with just 101 Saskatoon homes being offered for sale. That beat last week’s numbers by ten but fell lower annually by 27.


Saskatoon real estate sales and new listings sold through the MLS from January 22-28, 2022



Active listing inventory took a small downward turn falling by four units from last week’s close to 860 to leave us down on an annual basis by 175.


There are 421 condos showing an active status today, down from 527 a year ago. Additionally, there are 383 single-family homes that still have a for sale sign, for an annual decline of 68.


After six consecutive weekly declines which brought 30-day sales to their lowest point in a year, that number grew from the low of 186 last week to 223 this week. With a strong week of sales and weaker new listing activity, a big bite was taken out of “months of inventory”. Here’s what that looks like today.


All residential - 860 active listings / 223 sales = 3.9 month supply (down 0.8 months from last week to record the first drop in eight weeks, one large enough to push us back just inside of a seller’s market.)


Single-family homes - 383 listings / 132 sales = 2.9 month supply (down 0.7 months from last week, for the first decline in six weeks).


Condos - 421 listings / 74 sales = a 5.7 month supply. (down 1.5 months last week and now back into balanced market territory).


I expect these numbers will continue to erode until we approach levels we were hitting at the close of the third quarter of 2021, or worse.


Active residential listings on the Saskatoon MLS on January 29, 2022.



A growing number of upper-end home sales (17 sales above $500K with one selling at a price approaching $1.5 million) pushed the weekly average sale price higher, while even more trades at $250K or less pushed the weekly median lower to just $314,000.

After falling for six consecutive weeks, the six-week average price took a small increase growing by just over a thousand dollars from last week to reach $355,494, and claimed an annual gain of twelve thousand dollars.


The four-week median price, which had slipped lower eight weeks in a row also saw a small increase this week as it grew $1500 from last week’s close reaching $335,000. That’s up by $22,750 from where it stood a year ago.

 

Average and median prices for Saskatoon homes sold through the MLS from January 22-28, 2022



Overbid sales grew to 11 this week. These sellers saw an average bonus of $8,612 above their asking price when the dust had settled. Another 55 deals reportedly closed below the seller’s asking price to net those buyers an average discount of $14,955. That number was skewed by a single sale that went below the list price by $145,000.


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 January 22-28, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from January 22-28, 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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