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Saskatoon real estate week in review for September 18-24, 2021 (edition #759)


After two weeks of sales that reached some of the lowest levels recorded this year, Saskatoon real estate agents reported a spike in sales activity as 110 homes were reported as firmly sold to our MLS®. That number is higher than the previous week’s by 27 units and right on par with sales recorded over the same week last year.


The new listing activity moved sharply in the opposite direction with just 130 Saskatoon homes being added to the database of the multiple listing service®. That’s 56 fewer homes than were listed the previous week, and lower by 30 annually.


Saskatoon real estate sales and new listings sold through the MLS from September 18-24, 2021



With heightened sales and weakened new listing activity, the total number of Saskatoon homes available to home buyers on the MLS® fell lower. By the close of business this week, our active listings inventory had slipped to 1370, down 42 from a week earlier, and lower annually by 155. In early April, the number of Saskatoon homes for sale had grown rapidly and reached levels recorded in 2020. In recent weeks, as the number of Saskatoon homes has fallen, the annual gap has been growing.


Today, there are 728 single-family homes for sale on the system, down 23 from last week and down annually by 126 properties. Condi inventory is at 563 today, down 22 from last week and lower on a year-over-year basis by 28.


The number of Saskatoon homes to have been reported sold over the past 30 days saw a small uptick, thanks to the robust activity that hit us this week. That measure moved from 424 last week to 427 this week. In spite of that gain, the smaller number of available listings served to lower “months of inventory” in all three categories that I’ve been tracking, but just modestly so.


All residential - 1370 active listings / 427 sales = 3.2 month supply (down 0.1 months from last week, still up 0.4 months in three weeks)


Single-family homes - 728 listings / 274 sales = 2.7 month supply (down 0.1 months from last week, still up 0.4 months in three weeks).


Condos - 563 listings / 133 sales = a 4.2 month supply. (down 0.2 months from last week and still up 0.5 in three weeks).


Active residential listings on the Saskatoon MLS on September 25, 2021



Activity at price points well below the average brought the weekly median sale price to its lowest recorded level since the opening weeks of 2020. It came in at just $285K as entry-level buyers snapped up small detached homes and condos. The average sale price slipped lower for the fourth consecutive week, this week to $324,168.


Looking a little longer-term, the four-week median sale price fell to a new annual low of just $309,000 as it dropped 21K from last week to lose 34K annually. The six-week average price came close to hitting new annual lows but managed to stay above the previous two weekly low spots from the closing weeks of January. It’s now sitting at $344,418. That’s lower than it was a week ago by roughly six thousand dollars and down on a year-over-year basis by a touch more than 10K.


Average and median prices for Saskatoon homes sold through the MLS from September 18-24, 2021



Overbid sales came in at ten, with nearly all of that activity occurring in eastside areas. Those ten sales saw an average overbid of $8,336. Meanwhile, 94 of the week’s 110 sales closed at a price that was below the asking price by an average of $9,823.


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 September 18-24, 2021


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for homes sold through the MLS from September 18-24, 2021



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TeamFisher.com hosted over 450,000 user sessions in the past year and displayed more than four 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


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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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