Saskatoon real estate week in review for October 16-22, 2021 (edition #763)

On the heels of three consecutive weeks of declines, Saskatoon real estate sales bounced back to break into three-digit territory again. Local agents reported 110 homes sold this week, up 19 from the previous period. That was enough to beat sales for the same week last year by six units.

The new listing activity also moved higher but to a lesser degree. A total of 146 Saskatoon homes hit the market for a weekly gain of 11 units to finish up annually by 24.

Saskatoon real estate sales and new listings sold through the MLS from October 16-22, 2021

Even with strong sales numbers on the board, the inventory of active Saskatoon real estate listings fell lower to break below the 1300 mark for the first time since the closing week of March. Today, we have 1282 homes for sale in Saskatoon, down 36 from this time last week, and lower annually by 146 homes.

A closer look by category shows an inventory of 673 detached homes, down 28 over the past seven days, and lower on a year-over-year basis by 88. Additionally, there are 529 Saskatoon condos for sale, up by one from last week, and lower annually from 591 or roughly ten percent.

The total number of Saskatoon real estate sales in the residential category over the past 30 days took an upward jump again from 408 last week to 437. Lower inventory numbers and heightened sales eroded “months of inventory” in all three categories that we track.  Here’s how that looks today.

All residential - 1318 active listings / 437 sales = 2.9 month supply (down 0.3 months from last week)

Single-family homes - 673 listings / 297 sales = 2.3 month supply (down 0.3 months from last week).

Condos - 529 listings / 119 sales = a 4.4 month supply. (down by 0.2 months from last week).

Active residential listings on the Saskatoon MLS on October 23, 2021

Both the weekly median and average price grew modestly as they reached $355,250 and $370,959 respectively.

The six-week average recovered all that it lost last week and more as it grew to $359,905 for a weekly increase of $800 and an annual gain of seven thousand dollars. The four-week median price continued on a fast upward path as it grew by another 9K to reach $361,000. That’s $25,000 higher than it was at the close of the same week last year.

Average and median prices for Saskatoon homes sold through the MLS from October 16-23, 2021

Overbid sales came in at 10 this week with the average overbid hitting $9,940. Meanwhile, 91 of 110 sales went below the seller’s asking price by an average of $12,163.

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 October 16-23, 2021

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from October 16-23, 2021

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Norm Fisher

Royal LePage Vidorra


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