CONTACT

Saskatoon real estate week in review for January 29 - February 4, 2022 (edition #778)


It was another strong week for the Saskatoon real estate market. Local REALTORS® reported 74 firm residential trades to the multiple listing service®. That’s down just one sale from the previous week, and lower annually by three. This was the fifth consecutive week in which sales fell on an annual basis.


The new listing activity grew, thankfully, and came close to reaching numbers generated during our previous peak week for the year. There were 131 new listings added to the MLS® this week, up by 30 units from the previous period. That’s 17 fewer Saskatoon homes than were offered for sale over the same week last year.


Saskatoon real estate sales and new listings sold through the MLS from January 29 - February 4, 2022



Despite listing activity that outpaced sales considerably, a large handful of canceled and expired listings kept the inventory of active MLS® listings from moving much. This week, it grew by just five units to reach 865 but fell lower annually by 164. 


There are 338 Saskatoon houses for sale today, up by three from last week, and down 55 on a year-over-year basis. Condo inventory sits at 425, up fby our from last week and lower annually by 107. 


Meanwhile, the number of homes to sell in Saskatoon over the past 30 days took its second significant upward move. That number sits at 261 at the close of this week, which is 38 units higher than it was seven days ago.


 “Months of inventory” suffered another serious blow as sales activity climbed and headed back towards the bleak numbers we were seeing through the last half of 2021.


All residential - 865 active listings / 261 sales = 3.3 month supply (down 0.6 months from last week).


Single-family homes - 386 listings / 154 sales = 2.5 month supply (down 0.4 months from last week).


Condos - 425 listings / 90 sales = a 4.7 month supply. (down 1 full month from last week and now down 2.5 months over two weeks).


Active residential listings on the Saskatoon MLS on February 4, 2022.



This week saw a large number of upper-end sales that pushed the average and median price for the period sharply higher to $373,613 and $393,043 respectively.


The four-week median price was steady at $335,000 for the second week in a row but remained higher annually by $22,000. The six-week average price grew again, now for the second consecutive week. It was up about $2,500 from last week and higher annually by roughly $11,400.

 

Average and median prices for Saskatoon homes sold through the MLS from January 29 - February 4, 2002.



The number of sales that were reported sold at a price exceeding the list price fell by more than 50% to just five, and the overage overbid tumbled to $2,450. Meanwhile, 52 residential deals went firm selling for less than the asking price by an average of $10,454. 


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 29 - February 4, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from January 29 - February 4, 2022



Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.


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


Comments:
No comments

Post Your Comment:

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.
 

Subscribe to our Blog

Posts By Date
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
$(document).ready(function () { var allBoxes = $("#mrp-container10 div.weblet_web-syndication").children("div"); transitionBox(null, allBoxes.first()); }); function transitionBox(from, to) { function next() { var nextTo; if (to.is(":last-child")) { nextTo = to.closest("#mrp-container10 .weblet_web-syndication").children("div").first(); } else { nextTo = to.next(); } to.fadeIn(500, function () { setTimeout(function () { transitionBox(to, nextTo); }, 7000); }); } if (from) { from.fadeOut(500, next); } else { next(); } }