Saskatoon real estate week in review for June 4-10, 2022 (edition #796)

Encouraged by a continuing surge in new listing activity and soon-to-expire interest rate holds, Saskatoon home buyers wasted no time making deals. This past week saw 123 MLS® listings moving to a sold status, higher than the previous week by 17, and lower annually by 33.

For the second week in a row, the new listing activity remained at its annual peak. Saskatoon real estate agents brought 246 residential listings to the MLS® this period to match the previous week’s numbers and beat totals for the same week last year by 22.

Saskatoon real estate sales and new listings sold through the MLS from June 4-10, 2022

As new listings doubled sales, the inventory of active MLS® listings broke the 1200 mark for the first time this year. This morning, there are 1230 properties displaying an active status, higher than a week ago by 56 units, and lower annually by 265.

Condo inventory saw the largest spike in numbers as they grew from 435 last week to 468 today. The number of detached single-family homes for sale in Saskatoon bounced to 673, up from 651 last week, and down from the close of the same week last year by 44.

After falling lower during our last two reports, the number of Saskatoon homes that sold over the past 30 days headed higher to 530 from 516 last week.

Even as listing numbers grew, this spike in sales left “months of inventory” unchanged in two of three categories.

All residential - 1230 active listings / 530 sales = 2.3 month supply (unchanged from last week).

Single-family homes - 673 listings / 304 sales = 2.2 month supply (unchanged from last week).

Condos - 468 listings / 186 sales = 2.5 month supply. (up by 0.2 months from last week).

Active residential listings on the Saskatoon MLS on June 11, 2022

With 32 Saskatoon home sales reporting a price above 500K, both the weekly average and median price pushed higher to $407,869 and $380,000 respectively.

The six-week average price reached a new high for the year; in fact, it’s higher than I’ve ever seen it at $384,183. That’s up just under 10K from last week, and higher annually by three thousand dollars.

The four-week median price also grew, this week reaching $362,000 for a weekly increase of ten thousand dollars and a year-over-year gain of roughly four thousand bucks.

Average and median prices for Saskatoon homes sold through the MLS from June 4-10, 2022

Overbid activity remained fairly fierce this week with 42 sales reporting a price that exceeded the asking price by an average of $16,163. This week, I saw something I hadn’t ever seen before as one River Heights home priced at $379,900 sold for $517,000 (37 percent more than the list price). Meanwhile, 70 of the week’s 123 sales sold below the seller’s asking price by an average of $11,503.

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 4-10, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from June 4-10, 2022

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Norm Fisher

Royal LePage Vidorra


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