Saskatoon real estate week in review for March 14-20, 2020 (edition #680)

Saskatoon real estate week in review for March 14-20, 2020 (edition #680)

Saskatoon real estate agents reported 64 firm residential sales to the MLS® this week. That’s down seven from the week before, but ahead by one when compared against sales for the same week last year.

New listings added to the multiple listing service® fell lower for the second consecutive week to just 140. That’s down 16 units from the previous week. Compared to the same period last year this week’s total is down by 24 new listings.

Saskatoon residential MLS sales and and new listings for the week of March 14-20 2020

Active listings inventory grew as it typically does each week of this season. By this morning, a total of 1502 Saskatoon homes could be found for sale on the MLS®. That marks a gain of 28 from last week’s close but is down from levels recorded a year ago by 94.

A closer look at the major housing categories shows 879 single-family detached homes for sale, up ten from a week ago, and down just two annually. There are also 536 condominiums showing an active status, for a weekly increase of 13 and an annual decline of 89 units.

Active Saskatoon real estate listing on the MLS at March 21 2020

A slight increase in activity at the lower end of the Saskatoon real estate market ushered the weekly median price for the week down by 15K as it finished the period at $315,000. Some solid upper-end activity including a sale that topped the million-dollar mark helped push the average price for the week higher by more than four thousand dollars. It closed the week at $334,228.

The six-week average price continued to trend higher as it took a modest weekly gain of about three thousand dollars to reach $331,057. That was enough to leave this measure up annually by $5,000. The four-week median price grew by about a thousand dollars from last week to wrap up this reporting period at $329,950. That’s higher than it was a year ago by $6,000.

Average and median prices for Saskatoon homes sold March 14-20 2020

To my surprise, there were four resale trades reported to have sold for more than the asking price. Those overbids ranged from a low of $600 to a high of $10,100 and averaged $4,100.00. Meanwhile, 56 of 64 residential sales closed below the seller’s asking price and netted those buyers an average discount of $13,073.00.

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 March 14-20 2020

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from March 14-20 2020

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Norm Fisher

Royal LePage Vidorra


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