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Saskatoon real estate week in review for February 8-14, 2020 (edition #675)


Saskatoon real estate sales softened this week. When the dust had settled at the end of the week 53 firm residential sales had been reported to the multiple listing service® for a weekly decline of eight units, and down two when compared against sales for the same period last year.


While sales slipped lower, new listings made some modest gains. There were five more Saskatoon homes offered for sale on the MLS® compared to last week, and 25 more than were offered for sale over the same period of 2019.


Saskatoon residential MLS sales and and new listings for the week of February 8-14 2020



Inventory took a large leap as the total number of residential listings for sale on the MLS® jumped to 1382 from 1340 at the close of the previous week. That’s just 36 fewer listings than were available a year earlier, our smallest annual decline since early fall of last year. 


There are now 805 single-family homes for sale on the system, up 36 from a year earlier. Condo inventory sits at 503 for an annual decline of 54 units.


Active Saskatoon real estate listings on the MLS at February 15, 2020



The weekly average and median prices of a Saskatoon home were pretty stable on a weekly basis at $326,465 and $325,000 respectively. Both of those measures were at $320K last week.


The six-week average price edged lower from last week by fifteen hundred dollars to $323,903. That’s ahead of where it was a year ago by nine thousand dollars. Meanwhile, the four-week median price jumped seven thousand dollars from last week to hit $332,603 and claimed an annual gain of nearly 25K.


Average and median prices for Saskatoon homes sold February 8-14 2020



Overbid sales returned to the chart but there were only two, both generating a modest bonus to the seller of just a hundred bucks. On the flip side of the negotiating table, 47 of 53 sales closed below the seller’s asking price netting those buyers an average discount of $13,854.


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 8-14,2020


More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from February 8-14 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


Comments:
Mike on Feb 15, 2020 9:24 PM posted:
Thanks for another great weekly market report! My wife and I read it every week!
Norm Fisher on Feb 15, 2020 9:55 PM posted:
Thanks very much, Mike. I appreciate the kind feeback. Thank you both for reading.

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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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