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Saskatoon real estate week in review for May 1-7, 2021 (edition #739)


The Saskatoon real estate market continued to cook this week.


Local REALTORS® reported 133 Saskatoon homes sold through the multiple listing service®. That’s an increase of three compared against last week’s numbers and well up from the 49 deals that firmed up over the same week last year.


New listing activity hit a new weekly high for the year as 293 residential properties hit the market. That’s more than the previous week by 70 units, and up from 184 for the same period last year.
 

Saskatoon homes sold and listed through the MLS from May 1-7, 2021



The inventory of Saskatoon homes showing an active status on the MLS® saw its largest week-over-week gain as it increased from 1369 to 1437, to reach a new annual high. Our current level of inventory is just 35 units below those counted last year at this time.


Today, there are 679 single-family homes for sale in the city, up 27 from a week ago, and lower than last year by 178. Condo inventory grew to 672 for a weekly increase of 30 and an annual jump of 130.


After falling lower for two consecutive weeks, 30-day sales spiked higher from 550 last week to 581 this week to regain all of the losses it took last week. The high point for the year is 585 units sold over 30 days.


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


All residential - 1437 active listings / 581 sales = 2.5 month supply. (The same as last week and still very much a seller’s market).


Single-family homes - 679 listings / 406 sales = 1.7 month supply (The same as last week. Extreme seller’s market conditions).


Condos - 672 listings / 146 sales = 4.6 month supply. (This is higher than last week when it had come down to just 4.4 months and now the 14th consecutive week in which condos are in a balanced market territory).


Active Saskatoon real estate listings on the MLS at May 8, 2021



In last week’s report, I said that “entry-level activity was brisk…”. 


This week, strong upper-end activity, and a significantly lower number of deals below the 200K mark pushed the weekly median price higher to $389,900. With nine sales at a price that topped $700,000, the weekly average price grew even more to $415,054.


The six-week average price reached a new high of $375,466, higher than it’s been for any week in at least 7 years. That number is up about nine thousand dollars from last week, and higher annually by 28K.


The four-week median price also grew ten thousand dollars from last week’s close to reach $370,000. That’s $42,500 higher than it was at the close of the same week last year.


Average and median prices of Saskatoon homes sold through the MLS from May 1-7, 2021



This week, 31 Saskatoon home buyers ended up paying more than the seller’s asking price by an average of $8,393. Meanwhile, 86 deals were closed below the asking price with an average discount of $12,498.


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 time on the market, 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 for $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 for May 1-7, 2021


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from May 1-7,2021


Thanks so much for reading.


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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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