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Saskatoon real estate week in review for June 5-11, 2021 (edition #744)


The Saskatoon real estate market is unpredictable, to say the least. At every turn, it seems that another surprise presents itself. That happened again this week as sales reached a new weekly high, for the year, and quite likely, ever. Local REALTORS® reported 166 residential sales to the MLS®, for a weekly gain of 34 units, and an annual increase of 58. 


Saskatoon home sellers continued to deliver a steady supply of new listings. Over the past seven days, 224 properties were added to the multiple listing service®. That’s up just three from the previous period, and higher than the same week last year by 58. It’s the 13th consecutive week in which new listings topped the 200 mark.

 

Saskatoon homes listed and sold through the MLS from June 5-11, 2021\


In spite of a steady supply of new listings, strong sales and a handful of expired or canceled listings brought the active listing inventory lower for the second week in a row. By the close of business Friday, active listings had slipped to 1495. That’s lower than the previous week’s close by 28, and down annually by 48.


Today, buyers can find 717 single-family detached homes showing an active status on the MLS®. That’s down just 16 from last week but lower annually by 180 units. Condo inventory is at 677 today, lower than last week by 16, and higher on a year-over-year basis by 104.


The number of homes to sell over the past 30 days grew again to reach a new annual peak of 620. That’s up 34 from last week, and it tops the previous high for the year by 28 units. 


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


All residential - 1495 active listings / 620 sales = 2.4 month supply (down from 2.6 last week, the third consecutive week in which supply declined, and still very much a seller’s market).


Single-family homes - 716 listings / 401 sales = 1.8 month supply (down 0.1 from last week. Extreme seller’s market conditions).


Condos - 677 listings / 169 sales = 4.0 month supply. (Down from 4.4 months from last week and now the 19th consecutive week in which condos are in a balanced market territory).


Active residential listings on the Saskatoon MLS at June 12, 2021



A touch more upper-end activity brought the weekly median sale price higher to $360,000 even while the average sale price for the week slipped lower to $369,206.


The six-week average sale price found a new record peak at $381,210. That’s up about $1200 from last week and roughly 27K higher than it was for the same week last year. The four-week median price grew by eight hundred dollars from last week to $357,700. That’s up by about 33K annually.


Average and median prices of Saskatoon homes sold through the MLS from June 5-11, 2021



Buyer resolve was apparent in both the volume of sales and in multiple offer competitions. This week, 36 sellers closed a deal for more than their asking price with an average overbid of $11,123. Still, 117 of 166 sales were reported to have wrapped up at a price that was less than the list price by an average of $9,103.00.


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.


List price to sale price ratio for Saskatoon homes sold through the MLS from June 5-11, 2021


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from June 5-11, 2021



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TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three 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 306-241-6676 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 650 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 650 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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