Saskatoon real estate week in review for October 22-28, 2022 (edition #816)

After falling to their lowest level since late January last week, Saskatoon home sales took a slight increase as the numbers grew by four to reach 69, down from 96 over the same period last year.

The new listing activity also saw a slight uptick as Saskatoon real estate agents added 157 residential properties to the MLS® system. That’s higher than the previous week by three and lower annually, also by three units.

Saskatoon real estate sales and new listings sold through the MLS from October 22-28, 2022

Once again, canceled and expired listing numbers kept the inventory from growing, despite the large gap between listings and sales. We closed the week with 1125 active residential listings for a weekly drop of four and an annual decline of 135 units.

In the mix, we see 688 single-family homed for sale, up eight from last week, and higher than it was at the close if the same week last year by 28. Active condo listings in Saskatoon sit at 369 today, lower than last week by seven, and down 133 from this time last year.

The number of homes to have sold over the past 30 days continued to move lower, as we would expect at this time of year. Today, we can find 320 residential sales reported over 30 days.

Fewer active listings and weak sales brought “months of inventory” (MOI) modestly higher on two of the three categories we track. Here’s what MOI looks like today.

All residential - 1125 active listings / 320 sales = 3.5 month supply (up 0.1 months from last week).

Single-family homes - 688 listings / 192 sales = 3.6 month supply (up 0.3 months from last week).

Condos - 369 listings / 109 sales = 3.4 month supply. (down 0.1 months from last week). 

Active residential listings on the Saskatoon MLS on October 28, 2022

The average sale price for the week slipped lower by a few thousand dollars to settle at $346,762 while the weekly median price grew six thousand dollars to reach $339,900.

The increase in the weekly median was not enough to break what is now a nine-week trend for the four-week median sale price. It fell again, this time shedding just $500 and finishing the week at $322,000. That’s down $32,500 annually. 

The six-week average price fell lower for the fifth consecutive week as it lost about seven hundred dollars from last week’s close finishing the week at $352,472. That is lower on a year-over-year basis by just under 14K.

See my comments in last week’s review about what is impacting these two price measures.

Average and median prices for Saskatoon homes sold through the MLS October 22-28, 2022

The number of Saskatoon homes reported having sold for more than the asking price slipped to just three while the average overbid fell to $6,433. Additionally, only five sales reported a price at the asking price, Meanwhile, 61 of the week’s 69 sales were reported to have sold below the list price generating an average discount of $12,160.

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 October 22-28, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from October 22-28, 2022

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Norm Fisher

Royal LePage Vidorra


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