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Saskatoon real estate week in review for August 1-7, 2020 (edition #700)

Welcome to the 700th consecutive weekly edition of the Saskatoon Real Estate Week in Review.


That's a lot of weeks and I want you to know that I sincerely appreciate those who show up to read this little blog each week. I don't know if I have another 700 in me, but I'm feeling no urge to quit while you're here reading. Thanks again.



Coming off of a record sales week in which 147 Saskatoon homes traded hands, sales fell lower to 106 this week producing the ninth consecutive week of annual sales growth. Over the same period of 2019, Saskatoon real estate agents reported just 71 sales.


New listings showed no sign of slowing. Local agents added 173 residential listings to the multiple listing service® this week, up 26 from the previous week, for an annual increase of eight.


Saskatoon residential MLS sales and and new listings for the week of August 1-7 2020



In spite of the large gap between sales and new listings, 65 expired listings kept the inventory from growing much. We close the week with 1490 active residential listings, up just seven from last week, and down 410 from a year ago.


The listing inventory now shows 838 single-family homes, for a weekly drop of seven and an annual decline of 277. Condo inventory is at 574 today, up 14 from a week ago and down by 98 annually.


“Months of supply” increased modestly to 2.8 with a total of 530 sales recorded over the past 30 days. That remains firmly in seller’s market territory.


Active Saskatoon real estate listing on the MLS at August 1-7 2020



Activity across all price ranges remained brisk but heightened interest in homes below $300,000 brought the weekly median price down a touch to $342,450. Meanwhile, the weekly average price held tight at $370,017.


The six-week average price made its fourth consecutive weekly gain as it grew about two thousand dollars for the week to reach $351,433. That is an annual increase of just over 20K. 


The four-week median price grew for the third week in a row to finish higher weekly by seventy-five hundred dollars. It closed the week at $341,500 to claim an annual increase of $27,500.


Average and median prices for Saskatoon homes sold August 1-7 2020



Overbid sales fell from 18 last week to just six this week. Those lucky sellers sold their homes for an average of $4,750 more than they had asked. Still, 88 of the week’s 106 sales closed below the seller’s asking price netting those buyers an average discount of $11,981.


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 August 1-7 2020

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from August 1-7 2020



I've seriously upped my Facebook and Instagram game. Follow me to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.


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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