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Saskatoon real estate week in review for September 10-16, 2022 (edition #810)


Saskatoon home sales fell lower for the second week in a row, this period settling at 72. That’s down 13 on a weekly basis, and shy of sales for the same week last year by 11. It’s the lowest number of sales for any week since mid-February.


A total of 179 Saskatoon real estate listings were added to the MLS® database this week, up five from last week but lower annually by seven.


Saskatoon real estate sales and new listings sold through the MLS from September 10-16, 2022



The active listing inventory remained steady compared to last week with 1202 Saskatoon homes displaying an active status. The listing numbers are still well down from where they were last year at this time when 1412 residential properties were for sale.


Single-family homes inventory fell by two to 711 units for an annual drop of 40. Condo inventory grew by nine from last week to close this period at 407, which is lower on a year-over-year basis by 178.


Months of inventory” (MOI) showed some modest growth in all three categories that we track as 30-day sales fell lower again, this week falling by 20 units to settle at 386. That’s the lowest number recorded since early March. 


Here’s what MOI looks like in each of those three categories.


All residential - 1202 active listings / 386 sales = 3.1 month supply (up 0.1 months from last week).


Single-family homes - 711 listings / 241 sales = 3.0 month supply (up 0.2 months from last week).


Condos - 407 listings / 125 sales = 3.3 month supply. (up 0.1 months from last week). 


Active residential listings on the Saskatoon MLS on September 17, 2022



A very active upper-end market pushed the weekly median price sharply higher to $360,500 even as the average sale price for the week slipped lower to $355,441.


Meanwhile, both of our longer-term measures took a small dip.


The four-week median price, saw its third consecutive weekly decline as it slipped lower to $359,900 to record a weekly drop of just over 5K, and an annual gain of nearly thirty-thousand dollars. 

The six-week average price took its first decline after four weeks of growth. It slipped just over a thousand dollars from last week to finish up on a year-over-year basis by a little more than 25K.


Average and median prices for Saskatoon homes sold through the MLS September 10-16, 2022



For the second week in a row, just eight sellers wrapped up a deal for more than their asking price, but the average overbid more than doubled last week’s number as it hit $11,250. There were 59 of the week’s 72 sales reporting a price below the list price by $11,517 on average.


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 September 10-16, 2022

More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from September 10-16, 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


Comments:
Josh on Sep 18, 2022 11:56 AM posted:
Hi Norm, I'm just curious what criteria you use for determining current inventory?
Norm Fisher on Sep 18, 2022 3:53 PM posted:
Hi Josh, Active Saskatoon Residential That's it.
Josh on Sep 18, 2022 6:19 PM posted:
Within 11k of the city? What about conditional sales? Thanks!
Norm Fisher on Sep 18, 2022 6:54 PM posted:
I just use the neighbourhoods within the urban region of Saskatoon proper. Agents are not required to report "conditional sales" in Saskatoon. Currently there are only four residential listings that show that status so it wouldn't make much of a difference either way. I only use the "active" status for those searches.

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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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