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Saskatoon real estate week in review for February 22-28, 2020 (edition #677)


Saskatoon real estate sales dipped modestly to 57 units this week, down just two from last week. That was enough to top sales from the same week last year by six.


After falling through the floor last week, new listing numbers surged higher as 135 Saskatoon homes were offered for sale on the multiple listing service®. That up from last week by 62 properties but down two when compared to new listing activity over the same period of 2019.


Saskatoon residential MLS sales and and new listings for the week of February 22-28 2020



The total number of residential properties offered for sale on the MLS® system grew by 21 this week to reach 1388, which is down just 39 units from where it stood a year ago. This particular week in the previous calendar year ended March 1, so February expired listings had been removed from the total by the time I reported. I would expect to see a larger year-over-year decline tomorrow when the calendar turns (we made it through February and spring is now in sight). 


As of this morning, there are 816 single-family homes for sale in Saskatoon. That’s up by 24 from last week’s close, and higher than it was a year ago by 45 properties.


Condo inventory is at 492 today, down nine from last week, and lower than it was a year ago by 75 units.


Inventory is at it’s tightest in the single-family homes category, particularly for homes priced between $300,000 and $400,000 where supply and demand ratios technically remain in a balanced territory but are moving towards favouring sellers. Typically a balanced market is one that offers a supply that would take four to six months to exhaust. This range is currently at 4.3 months of supply.


Active Saskatoon real estate listing on the MLS at February 29, 2020



Sales activity towards the market’s entry-level remained brisk but improved interest and action with homes between $300,000 and $500,000 drove the weekly median price and the weekly average higher to $323,217 and $316,000 respectively.


The six-week average price showed some modest weekly gains as it grew by just over a thousand dollars to $327,920. That left it lower on an annual basis by about seven thousand dollars. Meanwhile, the four-week median price slipped lower by about sixteen hundred dollars. It closed the week at $318,750 for an annual dip of just over three thousand dollars.


Average and median prices for Saskatoon homes sold February 22-28, 2020



One seller managed to close a deal above their asking price with a bonus amounting to just $100. Across the negotiating table, 47 buyers made off with a discount averaging $14,693 on the property they bought.


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 February 22-28, 2020

More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from February 22-28, 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, 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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