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Saskatoon real estate week in review for December 28, 2019 - January 3, 2020 (edition #669)


Happy New Year, everyone! I hope that you had a pleasant holiday with some downtime to enjoy your family and friends.


We are out of the gates for 2020 with a pretty solid week for the Saskatoon real estate market. Local agents report 43 firm residential sales to the MLS®, way up from the 18 deals processed during Christmas week, and close to double what was sold over the same period last year when just 23 trades occurred.


We saw a similar surge in new listing numbers as local sellers worked to get a jump on the spring listings market. A total of 62 Saskatoon homes were added to the multiple listing service®, more than double the previous week’s activity when just 28 homes were offered for sale, but well down from the first week of January last year when 102 residential properties were listed for sale.


Saskatoon residential MLS sales and and new listings for the week of December 28, 2019 - January 3, 2020



The number of active residential listings available through the MLS® continued to fall. By this morning, total inventory stood at 1219. That number is down just 14 from the previous week’s close, but lower than it was last year at this time by 152 and the smallest number of active listings that we’ve seen for any week since early March of 2014.


Currently, the inventory consists of just 706 single-family homes, down from 764 at this time last year, and 456 condominiums, down from 525 a year ago.


Last week, I wrote a fairly lengthy piece on “months of supply” and the changing supply-demand dynamic. It’s worth a read if you’re in the market to either buy or sell as there is a clear trend developing that is leading to changing market conditions that those active in the market should understand.


Active Saskatoon real estate listing on the MLS at January 4, 2020



Very strong activity at price points between $200,000 and $350,000 ushered the weekly median sale price of a Saskatoon home lower to $319,000 this week. The weekly average followed closely as it fell more than 40K to $330,460.


The six-week average price took some gains as it grew just under three thousand dollars to $334,247 to start the year lower annually by about fifteen hundred dollars. Meanwhile, the four-week median price took a large leap to $329,900 and claimed a year-over-year increase of roughly seventy-five hundred dollars.


Average and median prices for Saskatoon homes sold December 28, 2019 - January 3, 2020



The enthusiasm for overbidding remained low and not a single resale home went for more than the seller’s asking price. On the other hand, 38 deals closed for less than list price netting buyers an average discount of $13,371.


Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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 January 3, 2020


More weekly stats and numbers for those who love them. 

Saskatoon real estate sales and listing stats for the week of December 28, 2019 - January 3, 2020


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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