Saskatoon real estate week in review for March 19-25, 2022 (edition #785)

For the third consecutive week, Saskatoon real estate sales remained in triple-digit territory, a sign that the spring market is underway. Over the past seven days, local REALTORS® reported 114 Saskatoon homes sold to the multiple listing service®, a new weekly high for this year. That’s up from 102 the week before but short by 20 when compared to activity recorded over the same week last year.

The number of new listings added to the MLS® fell even more. Just 163 listings hit the market this week. That’s 22 fewer listings than we saw the previous week, and down by nearly 50 from the same period last year.

Saskatoon real estate sales and new listings sold through the MLS from March 19-25, 2022

For the first time this year, active listing inventory broke the 1,000 unit mark, but just barely as it grew by just seven units from last week’s close reaching 1,004. That’s lower by 250 from the close of the same week last year. 

In the mix, there are 495 single-family homes. That’s the same as last week’s numbers, and lower annually 50, or nearly ten percent. There are also 449 condos for sale in Saskatoon, up from 440 a week earlier, but sharply lower than the 635 units that were for sale a year ago.

30-day sales continued on an upward swing, this week growing by 38 to reach 449.

 “Months of inventory” fell further into seller’s market territory in all three of the categories that we track.

All residential - 1,004 active listings / 449 sales = 2.2 month supply (down 0.2 months from last week).

Single-family homes - 495 listings / 260 sales = 1.9 month supply (down by 0.2 months from last week to steal back all of the gains that we saw last week).

Condos - 449 listings / 158 sales = 2.8 month supply. (down 0.2 months from last week and I believe at its lowest point in years, likely more than a decade).

Active residential listings on the Saskatoon MLS on March 26, 2022

A growing number of sales at the upper end of the market pushed the median sale price for the week higher to $344,000. With 15 sales reporting a sale price above 600K, including two that topped the million-dollar mark, the weekly average price grew by nearly $50,000 to hit $396,799.

After falling lower last week, the six-week average price grew by more than seven thousand dollars. It closed the week at $364,376 which left it down annually by $1,000. 

The four-week median price headed higher as well, by just $2,500 on a weekly basis. It’s also lower than it was at the close of the same week last year, but by substantially more ($9,000).

Average and median prices for Saskatoon homes sold through the MLS from March 19-25, 2022

In this week’s sales mix, we see 16 sales that reported a sale price that exceeded the list price by an average of $12,500. Buyers managed to make off with a bit of a discount on 84 of the week’s 114 sales. Those deals were reporting prices that were, on average, $12,000 below the asking price.

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 March 19-25, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from March 19-25, 2022

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Norm Fisher

Royal LePage Vidorra


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