Saskatoon real estate week in review for July 17-23, 2021 (edition #750)

Following three consecutive weeks of declining sales, the number of Saskatoon homes that were reported to the MLS® as having firmly sold grew to 125. That’s up 24 from the previous week, and higher annually by six.

New listings, meanwhile, fell lower to 198, down five from last week, and further down from the same period last year when 218 Saskatoon homes were offered for sale on the multiple listing service®

Saskatoon residential sales and active listings through the MLS for July 17-23, 2021

Our inventory of active residential listings edged lower to 1512, down five from last week’s close, and lower annually by 57 properties.

Today, home buyers can find 797 single-family homes showing an active status on the MLS® system. That’s higher than last week by 11 and lower annually by 78. Condo inventory is at 634 units today, down three from last week, but higher on a year-over-year basis by 29.

Thirty-day sales that had fallen lower in each previous four weeks remained stable this week at 508.

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

All residential - 1512 active listings / 508 sales = a three month supply (the same as last week, still well into seller’s market territory)

Single-family homes - 797 listings / 316 sales = 2.5 month supply (the same last week. Strong seller’s market conditions).

Condos - 634 listings / 153 sales = a 4.1 month supply. (up by 0.1 months last week and edging more into balanced market conditions).

Active Saskatoon real estate listings available on the MLS at July 24, 2021

With a much lower percentage of sales occurring above the half-million-dollar mark, the weekly average sale price and the weekly median both fell lower to $358,892 and $347,000 respectively.

Meanwhile, the six-week average price continued to slip lower, now for the fifth consecutive week. It closed this period at $362,100. That’s lower than last week by just under two thousand dollars but higher annually by $22K.

The four-week median price, which had been trending lower for eight weeks, took an upward turn and grew by nine thousand dollars to reach $344,000. It’s higher annually by $6,500.

Average and median prices of Saskatoon homes sold through the MLS from July 17-23, 2021

The number of Saskatoon homes that sold for more than the asking price jumped to 18, while the average overbid tumbled substantially to just $5,533. A total of 96 homes sold for less than the asking price this week, to net buyers an average discount of $9,941.

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 ration of Saskatoon homes sold through the MLS from July 17-23, 2021

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from July 17-23, 2021

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Norm Fisher

Royal LePage Vidorra


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