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Saskatoon real estate week in review for April 4-10, 2020 (edition #683)


It was a short work week. Still, Saskatoon real estate sales reached a low not seen since January of this year. Just 34 local homes were reported to have firmed up a sale this week. That’s down from 63 last week, and way, way down from the 87 deals that closed over the same period last year.


The number of new listings added to the MLS® system also plummeted. Just 87 Saskatoon homes were offered up for sale, down from 103 last week. During the same week last year, 195 new listings hit the multiple listing service®.


Saskatoon residential MLS sales and and new listings for the week of April 4-10 2020



After falling by nearly one hundred units in the last two weeks, the total number of Saskatoon homes that show an active status on the MLS® grew to 1420. That’s up from 1405 last week, but down from 1710 (17 percent) from the  close of the same week last year. Clearly, this is a massive departure from the kind of activity that is typical of the third week of spring.


Today, there are 828 single-family homes for sale on the Saskatoon MLS®, up six from 822 last week, but down from 941 a year ago. Condo inventory sits at 514 today, which is up nine from last week’s close, but down from 671 annually.


Active Saskatoon real estate listing on the MLS at April 10 2020



You may recall that last week I told you about a new sales record for the Saskatoon MLS®. A single-family home traded for $3.7 million to shatter our previous price max. This week saw no records broken, but we did see another big deal close at $1.7 million. With just 34 sales in the mix, that one kept average prices artificially high.


The average sale price for the week was $382,519 while the weekly median hit $332,500.


The six-week average price reached $358,503 which is the highest level we’ve seen since May of 2017. That number is up about eight thousand dollars from last week and higher than it was a year ago by $38K, however, this measure is seriously skewed by the two sales I mentioned. Both of those sales are calculated into this measure and together, those two deals are pushing the six-week average higher by more than sixteen thousand dollars.


The four-week median price of a Saskatoon home also grew, but only by one thousand dollars. It sits at $333,000 today, up 23K from last year at this time.


Average and median prices for Saskatoon homes sold April 4-10 2020



One sale closed above the asking price this week, by just $100. The average resale listing took a discount of $14,500 to close up a deal.


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 4-10 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from April 4-10-2020



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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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