Saskatoon real estate week in review for September 17-23, 2022 (edition #811)

After falling to their lowest level since mid-February last week, Saskatoon real estate sales increased slightly to reach 74. That’s up two from last week and well down from the same week last year when 110 Saskatoon homes traded hands.

The new listing activity continued its downward trend falling 14 units on a weekly basis to settle at 165, which is higher annually by 35.

Saskatoon real estate sales and new listings sold through the MLS from September 17-23, 2022

At a time of year when declines are typical, the inventory of available residential listings on the MLS® remained stable for the fourth consecutive week. There are currently 1198 Saskatoon homes showing an active status on the system, down just four from last week and lower on a year-over-year basis by 172 listings. 

Single-family homes inventory grew by 10 this week reaching 721, which is just seven fewer options than could be found on the multiple listing service® at this time last year. 

There are currently 403 condos for sale in Saskatoon, down four from last week and well down from 563 at this time last year.

The number of Saskatoon homes to have sold over the most recent 30 days continued to slip lower, as expected, this week falling by 17 units to 370. This pushed “months of inventory” (MOI) slightly higher in two of the three categories we track.

All residential - 1198 active listings / 370 sales = 3.2 month supply (up 0.1 months from last week).

Single-family homes - 721 listings / 226 sales = 3.2 month supply (up 0.2 months from last week, now for the second week in a row).

Condos - 403 listings / 124 sales = 3.3 month supply. (the same as last week). 

Active residential listings on the Saskatoon MLS on September 23, 2022

The median sale price for the week slipped lower to $352,500, while the weekly average sale price of a Saskatoon home inched higher to reach $369,584.

The six-week average price continued to hover in the same range, now for the third week in a row. It’s currently at $379,018 which is up nearly 35K on an annual basis.

The four-week median price continued to fall lower for the fourth week in a row suggesting that the upper-end housing market is cooling more quickly than they are at the lower end. This measure came in at $344,500. That’s down from $359,900 last week but higher than it was at the close of the same week last year by more than $35,000. 

I should note that at this time last year, a barrage of entry-level sales that persisted for a few weeks had pushed both the six-week average and the four-week median near its annual low. We should expect to see these year-over-year gains moderate in the weeks ahead.

Average and median prices for Saskatoon homes sold through the MLS September 17-23, 2022

The number of Saskatoon home sellers lucky enough to wrap a deal for more than they’d been asking grew from eight to nine while the average overbid amount increased modestly to $12,659. Larger gains were seen in the “sold at list price” category with 12 sales. The remaining 53 deals reported a price below the list price by an average of $12,312.

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 17-23, 2022

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for homes sold through the MLS from September 17-23, 2022

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Norm Fisher

Royal LePage Vidorra


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