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Saskatoon real estate week in review for July 27 - August 2, 2019 (edition #647)


Saskatoon real estate activity remained stable on a week-over-week basis while it took a bit of a dive annually. Local agents reported 87 firm residential trades, down just one from the previous week. That’s 13 fewer home sales than were recorded through the MLS® the same week last year.


The number of Saskatoon homes listed for sale on the multiple listing service® spiked higher. They often do so in the first week of the month, as the previous month’s expired listings return for another go at the market. This week, 168 residential properties hit the MLS®, up 30 from the last week, and down seven from the same period last year.


Saskatoon residential MLS sales and and new listings for the week of July 27 - August 2, 2019



The database of Saskatoon MLS® listings took its largest single week drop this year as the number of homes for sale slipped lower from 1931 last week to 1877 this morning. That’s 122 fewer homes than were available on the MLS at this time in 2018.


The number of single-family homes for sale closed the week at 1100, down 40 from a week earlier and finished even with levels recorded last year. That’s the first time in several months that the inventory of detached homes was not higher than it was last year. Condo numbers fell from 680 a week ago to 665 today. At the close of the same week last year this category showed 769 active listings.


Active Saskatoon real estate listings on the MLS at August 3, 2019, 2019



In last week’s report, we saw a surge of entry-level buyers push the median sale price of a Saskatoon home sharply lower. That happened again as it fell by another forty-seven thousand dollars to reach its lowest point for the year at $276,000. Where the lion’s share of entry-level activity the previous week was with condos priced below $200K, the more popular choice this week was the $200,000-$250,000 range which accounted for a full 25 percent of the week’s sales. Again, condos won the day.


The four-week median price of a Saskatoon home fell three thousand dollars from last week’s close to settle at $315,000. That’s its lowest point since it started to climb in early April. It’s lower than it was at this time last year by about nine thousand dollars, the result of growing confidence among first time home buyers who have been buying up condo inventory to get their start in the market.


The six-week average price slipped by twenty-five hundred dollars from last week to finish at $337,903. That is up annually by three thousand dollars. It’s the eighth consecutive that the measure showed growth on a year-over-year basis.


Average and median prices for Saskatoon homes sold July 27 - August 2, 2019



Buyers may have shown up to buy but nobody showed any desire to pay more than the seller’s asking price this week. Rather, 82 of 87 Saskatoon home buyers stood firm and demanded the seller sharpen their pencil to close a deal. The average discount this week was $11,808.


Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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.


Sale price to list price ratios for Saskatoon homes sold through the MLS the week of July 27 - August 2, 2019


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from July 27 - August 2, 2019



Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.


I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com


Norm Fisher

Royal LePage Vidorra


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Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

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 650 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 650 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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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