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Saskatoon real estate week in review for June 6-12, 2020 (edition #692)


For the second week in a row, Saskatoon real estate sales numbers showed year-over-year growth. Local agents reported 108 firm residential trades, to post the largest volumes sales week this year. Sales were up 11 from the previous week and topped numbers recorded over the same period last year by 28.


Meanwhile, new listings fell lower to 166, well down from 209 last week, and lower annually by 21.


Saskatoon residential MLS sales and new listings for the week of June 5-12 2020



The number of Saskatoon homes for sale on the MLS® grew from 1532 at the close of the previous week to 1543 today, barely enough to move the line on our chart. At this time last year, home buyers had a selection that was 28 percent greater than what’s currently available.


Today, we see just 896 single-family homes for sale in Saskatoon, down from 1128 at this time last year. In the condo category, we have 573 available units, down from 720 a year ago.


As sales continue to grow and inventory remains fairly flat, conditions look increasingly attractive for sellers. There are no clear signs of price growth, but “months of inventory” measure has fallen significantly. 


Over the past 30 days, 422 home sales have been reported to the multiple listing service®. That puts our current “months of inventory” at 3.65. Typically, anything in a 4-6 month supply range is considered to be a balanced market, while anything less than four months is into seller’s market territory.


If you’ve been thinking about selling, this appears to be about the best opportunity that we’ve seen in a few year's time. 


Active Saskatoon real estate listing on the MLS at June 13 2020



Action in price categories below the $300,000 mark was exceptionally strong. That brought the median price for the week lower to $309,000. The average price for the week fell slightly to $327,564.


The six-week average price fell a little under two thousand dollars from the previous week to $346,702. That’s up just over ten thousand dollars from a year ago. The four-week median price came down nearly five thousand dollars to $325K. That’s four thousand dollars lower than it was at the close of the same period last year.


Average and median prices for Saskatoon homes sold June 5-12 2020



Like last week, only one resale home seller managed to close a deal for more than their asking price. They made off with a decent $4,100 bonus. Meanwhile, 98 of the week’s 108 sales closed below the seller’s listed price by an average of $9,956. That is the smallest average discount recorded any week this year, another indication of the strengthening position of Saskatoon home sellers.


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 June 5-12 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from June 5-12 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


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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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