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Saskatoon real estate week in review for March 12-18, 2022 (edition #784)


For the second week in a row, Saskatoon home sales remained in triple-digit territory as local agents reported 102 firm sales to the MLS®. That number is down from last week by six, but well below sales volume recorded over the same week last year when 141 homes were sold.


Meanwhile, the number of new listings that were added to the multiple listing service® reached a new high for the year at 185. That’s up from 154 last week, and down from 227 for the same period last year.


Saskatoon real estate sales and new listings sold through the MLS from March 12-18, 2022



Once again, the total number of homes offered for sale on the Saskatoon MLS® system remained below 1000. At the close of business Friday, 997 Saskatoon homes were listed as “active” on the system. That said, the inventory grew by 41 units from last week, which is the largest single-week gain since early February.  Year-over-year losses continue to grow. We are now down 215 units from where inventory stood at this time last year.


30-day sales made their first showing above the 400 mark after growing steadily for the past eight weeks. This week, that number grew from 392 to 411. Interestingly, 30-day sales in the single-family homes category slipped lower by three units from last week. Meanwhile, condo sales spiked by 16.


 “Months of inventory” remained stable across the broader market, while available supply of single-family homes grew, and the supply of condominiums continued its rapid downward spiral.


All residential - 997 active listings / 411 sales = 2.4 month supply (the same as last week).


Single-family homes - 495 listings / 235 sales = 2.1 month supply (Up 0.2 months from last week).


Condos - 440 listings / 146 sales = 3.0 month supply. (down 0.3 months from last week).


Active residential listings on the Saskatoon MLS on March 19, 2022



A huge week for condo sales brought the weekly median sale price and the average sale price lower to $330,500 and $350,503 respectively.


That was enough to bring the largest changes to the longer-term measures that we track in weeks. 


The six-week average price fell more than $6,000 to finish the week at $356,757. For the first time this year (and in fact the first time since late September of last year), the six-week average fell lower annually by almost $7,000.


The four-week median price fell by close to 5K from the previous week and also finished lower on a year-over-year basis. It’s lower annually for the second week in a row, this week by fifteen thousand dollars.


Average and median prices for Saskatoon homes sold through the MLS from March 12-18, 2022



The number of sellers who were lucky enough to complete a sale at a price that exceeded the listing price slipped from 17 last week to 16. The average overbid grew to $11,251, thanks in part to one deal that closed $45,000 above the asking price. Another 66 sales went for less than the seller’s asking price by an average of $10,647.


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 of Saskatoon homes sold through the MLS from March 12-18, 2022


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from March 12-18, 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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