CONTACT

Saskatoon real estate week in review for January 4-10, 2020 (edition #670)


Gripped by a sudden and severe chill, the Saskatoon real estate market cooled this week as residential sales fell to just 33 units, down ten from the previous week, and lower by six when compared against the same week last year.


New listing activity moved in the opposite direction with 136 Saskatoon homes being added to the MLS® database. That’s 36 more than were listed the week before, and a decline of two from the same period of 2019.


Saskatoon residential MLS sales and and new listings for the week of January 4-10 2020



MLS® inventory began its slow and steady upward climb as the number of Saskatoon homes for sale on the system grew from 1219 last week to 1268 today, which is down from 1409 at this time last year. The levels recorded over the past two weeks are the lowest that we have seen since the first week of March 2014. 


Reaching peak levels in 2017, the housing inventory numbers have been falling slowly but consistently since that time. Given the very small numbers of construction starts we’ve seen over the past two years, I expect that this trend will likely continue through 2020. It will be some time before we can call it a shortage, but if demand continues to roll with the momentum it gained through last year we may in fact see some modest upward pressure on prices. That said, I think there is a bit of a “pent-up” supply of ready sellers who would love to unload a property that they are currently “underwater” on. As prices stabilize and edge higher, those homes will steady the supply and keep us from reaching “shortage” levels.


The current inventory is made up of 731 single-family detached homes, down from 783 at this time last year, and 475 condos, representing an annual decline of 71 units.


Active Saskatoon real estate listing on the MLS at January 11 2020



After slipping fairly sharply last week, entry-level buyers continued to dominate the sales board and pushed the median sale price for the week down another 50K to $270,000. A near absence of upper-end sales (just two deals above $500K and none above $600,000) helped bring the average price for the week sharply lower to just $278,739. That’s the lowest it’s been since the same week last year when it failed to reach $240,000.


Both of our longer-term measures headed lower on a weekly basis while maintaining annual gains. The six-week average price slipped close to eight thousand dollars from last week to $326,815 to find itself up about eighty-five hundred dollars from a year ago. Meanwhile, the four-week median price fell just over 14K from last week to settle at $315,750. That’s up nearly 30K from a year earlier when the four-week median price entered a strange slump that persisted until mid-February and then suddenly turned around. This leads me back to my repeated warning that prices are difficult to track in any meaningful way when sales levels are this low. At just 33 deals, a few sales (present or absent) can drive these averages significantly.


Average and median prices for Saskatoon homes sold January 4-10 2020



No sellers won the overbid lottery this past week. The only sales that went above list were new homes that had been on the market for some time, which suggests that the buyer ultimately negotiated additional improvements in their contract. Meanwhile, 31 of the week’s 33 sales recorded a below list price sale generating an average discount of $12,668.


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 4-10 2020



More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from January 4-10 2020


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


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:
No comments

Post Your Comment:

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.
 

Posts By Date
The Saskatchewan REALTORS® Association (SRA) (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
Google Analytics Alternative