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Saskatoon real estate week in review for June 25 - July 1, 2022 (edition #799)


Saskatoon home sales dipped to their lowest level since the first week in April, thanks in part to a short week for the MLS®. A total of 101 properties switched from an active status to sold, down by ten from last week and lower annually by 25.


The number of new listings added to the multiple listing service® fell to its lowest number since the final week of April as just 206 new listings were added to the MLS®. That’s 32 fewer listings than were added the previous week but 54 more than came on the market over the same week last year.


Saskatoon real estate sales and new listings sold through the MLS from June 25 - July 1, 2022



Even with new listings more than doubling sales, the inventory of active MLS® listings fell slightly lower. A good handful of listings typically expire without a sale as the calendar brings a new month. A large number of canceled listings also helped bring active listings lower.


We finished the week with 1269 active residential listings, down just five from last week’s close, and lower on a year-over-year basis by 186.


The number of Saskatoon homes to have sold over the past 30 days inched lower for the second week in a row, this week falling by six to settle at 534. 


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


All residential - 1269 active listings / 534 sales = 2.4 month supply (the same as last week).


Single-family homes - 691 listings / 331 sales = 2.0 month supply (down 0.1 from last week. For the second week in a row, 30-days sales actually moved higher in this category).


Condos - 486 listings / 179 sales = 2.7 month supply. (up by 0.1 months from last week, thanks to a growing number of listings and fewer sales).


Active residential listings on the Saskatoon MLS on July 2, 2022



The median weekly price of a Saskatoon home plummeted to $337,500 as more entry-level buyers made a purchase. The average sale price also fell, but 17 sales above $500K kept the decline under $20K as it settled at $372,905.


After reaching a new record last week, the six-week average price slipped lower by just under three thousand dollars to $383,384. That’s up about $13K from the close of the same week last year.


The four-week median price which hit a new annual high of $365,425 last week also came down close to three thousand dollars to finish the week at $362,750. That’s higher annually by just under $14,000.


Average and median prices for Saskatoon homes sold through the MLS from June 25 - July 1, 2022



There were 26 homes that were reporting a sale price that was higher than the seller’s asking price this week. While lower for the second week in a row, overbid sales actually grew as a percentage of total sales. Those 26 homes averaged an overbid of $17,763 which is lower than last week by $4,500. Meanwhile, 65 of the week’s 101 sales were reporting a sale price that was below the list price by an average of $9,727.00.


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 June 25 - July 1, 2022


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from June 25 - July 1, 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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