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Saskatoon real estate week in review for April 11-17, 2020 (edition #684)


Home sales experienced a modest uptick this week as Saskatoon real estate agents reported 40 firm residential trades to the local MLS®.  While that amounts to a weekly increase of six units, it’s about half the number of deals that we’d typically expect to see at this time of year. Over the same period of 2019, 80 Saskatoon homes were sold.


New listing activity was also higher on a weekly basis and sharply lower annually. A total of 101 homes were added to the Saskatoon multiple listing service® this week, up from 87 during the previous week and down from 174 for the same week last year.


Saskatoon residential MLS sales and and new listings for the week of April 11-17 2020



Active listings inventory slipped lower by two this week to settle at 1418 units while recording an annual decline of 355 homes. This is the largest year-over-year drop that we’ve seen in any week over the past five years. Today’s totals include 830 single-family homes, down from 970 a year ago, and 514 condos, down from 694 at this time last year.


Active Saskatoon real estate listing on the MLS at April 17 2020



With just two sales recorded above the $440,000 mark, both the weekly median price and the weekly average plummeted to $307,000 and $289,658 respectively. The strangest numbers this week come from area one (everything to the east of Circle Drive East). This area typically posts the highest priced sales, but this week, eight of eleven sales reported were condominiums, most selling for less than $200K, which really drove the numbers lower. It seems that the typical area one buyer stayed home.


The six-week average price eased off to $354,968. That’s about $4500 below last week’s number, but higher than it was a year ago by twenty-six thousand dollars. The four-week median price fell 13K from last week to $320,000 which is lower than it was a year ago by six thousand dollars.


Average and median prices for Saskatoon homes sold April 11-17 2020



Two sellers found an enthusiastic buyer willing to pay more than their asking price, but the enthusiasm was limited. Those buyers each paid just $100 over list. Meanwhile, 35 of 40 deals closed below the asking price and netted those buyers an average discount of $15,782. That’s a pretty hefty number as most weeks lately we’ve been coming in 12-13K below.


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.


Sale price to list price ratios for Saskatoon homes sold through the MLS the week of April 11-17 2020

More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from April 11-17 2020



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TeamFisher.com hosted nearly a quarter of a million user sessions and displayed more than 1.2 million pages to our visitors in 2019. 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 306-241-6676 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.
 

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