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Saskatoon real estate week in review for July 18-24, 2020 (edition #698)


For the eighth consecutive week Saskatoon real estate sales posted strong annual gains. Local REALTORS® reported 119 firm trades to the MLS® system, up three from last week for an annual increase of 31.


Year-to-date, that brings us to 2177 Saskatoon home sales, up from 2141 at the same time last year.


Still, the 30-day running average of units sold slipped lower for the second week, falling modestly to 516 from 519 a week earlier and from 530 the week before. This seller party doesn’t appear to be ending yet but sales are slowing.


New listing activity was also sharply higher on a year-over-year basis, now for the third week in a row. 178 new listings hit the multiple listing service®, down 14 from last week, and up by 40 compared to the same period last year.


Saskatoon real estate sales and listing stats for the week of July 18-24 2020



The inventory of active MLS® listings remained stable at 1567, down just one from last week’s close. When the local listing service called it quits the same week last year there were 1931 active Saskatoon real estate listings.


The inventory currently consists of 875 single-family homes, down from 1146 at this time last year and 605 condos, down 93 units annually.


The sales-to-listing ratio remained stable as Saskatoon home buyers found a three-month supply, and seller’s continued to carry the clout at the negotiating table.


Active Saskatoon real estate listing on the MLS at July 25 2020



It was a strong week for entry-level sales and that activity brought the weekly median price (the point at which half of all sales were higher and half were lower) to just $285,500. The weekly average dropped almost 20K in spite of two sales above $900,000.


Meanwhile, the six-week average price inched higher to $341,428, up a little less than two thousand dollars from last week, and higher annually by one thousand dollars. The four-week median price came back down to $325,500 to record a weekly drop of twelve thousand dollars and an annual increase of $7500.


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




The number of homes that sold for more than the asking price remained steady at five, but the average overbid grew by 140 percent to hit $4,583. Buyers managed a discount in 106 of 119 sales netting an average discount of $10,230.


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 July 18-24 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from July 18-24 2020



I've seriously upped 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


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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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