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Saskatoon real estate week in review for July 30 - August 5, 2022 (edition #804)


Saskatoon home sales fell lower this period, dropping 17 units from last week to settle at 102, enough to top sales for the same period last year by 13.


The new listing activity also cooled significantly as it fell to levels not seen since late April when the spring market was just shifting into high gear. This week, Saskatoon real estate agents processed 184 new residential listings through the MLS®, down from 200 last week, and matching listing numbers for the same week last year.


Saskatoon real estate sales and new listings sold through the MLS from July 30 - August 5, 2022



For the second week in a row, the inventory of active Saskatoon real estate listings fell lower. The total number of Saskatoon homes showing an active status on the multiple listing service® fell to 1248 by the close of business Friday. Inventory reached its peak for the year two weeks ago at 1296 and now sits at 1248, for a weekly drop of 33 units, and an annual decline of 205.


Again, the hardest hit is the condo category which dropped 20 units from last week to 424. Last year at this time, there were 607 condos for sale. That’s a year-over-year decline of 30 percent.


Today, there at 730 houses displaying an active status, down two from last week, and lower annually by 38.


The number of Saskatoon homes to have sold over the past 30-day, remained steady this week at 474 units.


Here’s what “months of inventory” look like today. 


All residential - 1248 active listings / 474 sales = 2.6 month supply (down 0.1 months from last week, and falling for the second week).


Single-family homes - 730 listings / 270 sales = 2.7 month supply (the same as last week).


Condos - 424 listings / 184 sales = 2.3 month supply. (down 0.1 months from last week). 


Active residential listings on the Saskatoon MLS on August 5, 2022



A burst of activity at the upper end of the Saskatoon real estate market including two sales well above the million-dollar mark pushed both the weekly median price and the weekly average higher to $357,500 and $368,760 respectively.


Meanwhile, both of the longer-term measures we track continued to slip lower.


The six-week average price took its fourth consecutive drop to reach $365,156 its lowest level since late March. That’s down about 4K from last week but ahead annually by about three thousand dollars. The four-week median remained steady at $335,000 after falling lower for five consecutive weeks. That’s as low as it has been since the first week of February, and lower annually for the third week in a row. At this time, last year, this measure was coming in at $343,000.


Average and median prices for Saskatoon homes sold through the MLS from July 30 - August 5, 2022



Of the 102 homes that sold this past week, 20 of those listings were reported to have sold for more than the asking price. While the drops are slight, this segment has been slowly shrinking as a percentage of overall sales for several weeks. The average overbid was $14,280. Meanwhile, 71 sales reported a price of less than the asking price to generate an average discount of $11,092.


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. A description of the geographic boundaries of areas 1 through 5 is here.


List price to sale price ratio of Saskatoon homes sold through the MLS from July 30 - August 5, 2022


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from July 30 - August 5, 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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