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Saskatoon real estate week in review for January 18-24, 2020 (edition #672)


After two weeks of less than encouraging activity, the Saskatoon real estate market saw a surge in home sales. Local REALTORS® reported 52 firm residential sales to the multiple listing service®, an increase of 22 from the previous week and up by five sales from the same week last year.


The number of new listings added to the MLS® moved in the opposite direction. This week, just 115 listings entered the system, down 30 from last week, but higher by 20 units when compared against the same period last year.


Saskatoon residential MLS sales and and new listings for the week of January 18-24 2020



The inventory of Saskatoon homes for sale on the MLS® continued to move higher as it likely will each week until about the middle of the year. As of this morning, there are 1351 active listings in the residential category. That number is up 20 from a week ago, and down by 93 annually.


Condo inventory grew by 11 units this week to 505, leaving us down on a year-over-year basis by 50 units, or roughly ten percent. The number of single-family homes offered for sale on the MLS® grew by just five from last week to end this period at 776, which is 37 fewer detached homes than were available at the close of the same week last year.


Active Saskatoon real estate listing on the MLS at January 24, 2020



Sales activity in price categories below $200,000 was surprisingly weak, while buyers shopping for homes above the $500,000 mark came out big. Consequently, the weekly median price jumped by almost 100K to $365,750. The weekly average grew by nearly 60K to reach $362,509.


The six-week average sale price moved higher by more than eight thousand dollars from last week. It closed the period at $333,908 which is close to $25,000 higher than it was at this time last year. The four-week median price took a larger leap to $318,500 for a weekly gain of $18,500 and an annual increase of more than 40K. It’s worth pointing out that both of these longer-term measures were unusually low at this time last year. Again, unit sales are at their lowest point across December and January which can result in some unreliable averages.



Average and median prices for Saskatoon homes sold January 18-24 2020



This week’s sales saw one resale property trading above the asking price to break a five-week shut-out. That single seller netted a modest bonus of $1000. Meanwhile, 45 of 52 sales were reported to have sold at a price that was below list by an average of $13,192.


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 January 18-24, 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from January 18-24 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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