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Saskatoon real estate week in review for August 29 - September 4, 2020 (edition #704)


Cooler mornings and shorter days did little to dampen the enthusiasm of Saskatoon home buyers eager to wrap up a purchase this week. 


Residential sales grew to 127, to deliver our third-highest volume sales week this year. We finished the period up 20 sales from last week to nearly double units sold over the same period last year when just 65 Saskatoon homes traded hands. This was the 13th consecutive week that we recorded annual sales gains.


New listings came in at 187, up by six from last week and down five from the same week of 2019.


Saskatoon residential MLS sales and and new listings for the week of August 29 - September 5 2020



As is typical at the close of any month, a good handful of active listings (82) reached the end of their term and expired to bring MLS® inventory lower to 1495. That number is down from last week’s close by 57 listings and lower from the same time last year by 403 listings.


Today, the inventory consists of 832 single-family homes, for a weekly decline of 44 and an annual drop of 324. Additionally, there are 571 condo units, down just five from last week’s close, and lower by 72 from a year ago.


The 30-day sales number grew to 487, up from a six-week low of 464 recorded last week. 


Given that active listings fell lower this week and sales increased, the “months of inventory” measure dropped from 3.3 last week to three this week, pushing us a little deeper into seller’s market territory. We had been moving back towards a more balanced market over the past six weeks.I expect this blip to be temporary.


Active Saskatoon real estate listing on the MLS at September 5, 2020



With just a small handful of trades above the $500,000 mark, the weekly average price took a $23,000 dive to $337,985 while the weekly median was hardly changed at $337,000.


The six-week average price had been on a six-week streak of gains, and that came to a close this week as the measure fell lower by just a couple of hundred dollars. This week it was $357,012 which is about 34K higher than it was at this time last year. The four-week median price fell lower by just $500 compared to the previous week. It settled at $337,000 for an annual increase of $27,000.


Average and median prices for Saskatoon homes sold August 29 - September 5 2020



Overbid sales doubled compared to the previous week as 12 sellers managed to navigate a multiple offer situation that paid a bonus averaging $6,382. There was one deal that closed $30K above list price. Meanwhile, 109 sales closed below the seller’s asking price to net buyer’s an average discount of $10,570.


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 29 - September 5 2020

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from August 29 - September 5 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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