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Saskatoon real estate week in review for December 12-18, 2020 (edition #719)


Saskatoon real estate agents reported 70 homes sold this week to wrap up the 28th consecutive week in which sales met or exceeded those recorded over the same period last year. This week’s sales numbers are up by seven units from the previous week’s tally, and up by four when compared to the same period last year. 


The new listing activity took a massive dive falling from 120 last week to just 75. On an annual basis, new listings slipped by just one. Listing activity is always fairly weak from mid-December through to the early new year.


Saskatoon residential MLS sales and and new listings for the week of December 12-18 2020



The inventory of active MLS® listings took its largest single-week dip this year, falling by 54 units to settle at 1068 by the close of business Friday. That leaves buyers with 285 fewer options than were available a year ago.


Condo inventory grew slightly from 496 a year ago to 515 today while the inventory of single-family homes was down sharply having fallen from 792 at this last year to 494 today.


Let’s dive into our supply/demand measurement of “months of supply.” Again, we can measure the balance between the two by dividing the total number of active listings by the number of sales over the past 30 days. If the “months of inventory” falls below four, we would call that a “seller’s market”. A supply of four to six months is “balanced”. A supply greater than six months is a “buyer’s market.”


This week, 30-day sales fell to 317 continuing the trend that’s been clear for the past three months.


1068 active listings / 317 sales = 3.4 months. This is up from 3.2 months last week.


Active Saskatoon real estate listing on the MLS at December 19 2020



Sales activity below the $250,000 mark was strong enough to bring the weekly median sale price, and the weekly average price lower to $330,500 and $342,949 respectively.


Meanwhile, both of our longer-term price measures moved higher.


The six-week average price broke a six-week losing streak as it grew from $334,306 last week to $339,171. Over the same week last year, this measure fell unusually low so we’re seeing a 17K annual gain this week.


The four-week median price took a big jump from $328,500 last week to $338,000. That’s up by $22,000 from the close of the same week last year.


Average and median prices for Saskatoon homes sold December 12-18 2020



Above list price sales fell to four. Those sellers took an average bonus of $5,433. Meanwhile, 59 of the week’s sales were reporting a sale price that was lower than the list price by an average of $13,188.00.


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 December 12-18 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from December 12-18 2020



This will be my last pre-Christmas report. To those who celebrate, we wish you a wonderful Christmas. Regardless of your customs, I hope you can find the time to relax, refresh, and enjoy time with those in your household over the holidays.


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


TeamFisher.com hosted over 350,000 user sessions in the past year and displayed more than three million pages to our visitors. 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, TeamFisher

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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