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Saskatoon real estate week in review for March 7-13, 2020 (edition #679)


Saskatoon real estate sales took a leap forward this week as 71 firm residential trades were reported to the multiple listing service®, leading us to our highest volume sales week so far this year. Sales are up 21 units from last week and ahead by 13 when compared to sales for the same period last year.


On the heels of a huge listing week the previously reported period when 199 Saskatoon homes were offered for sale, the number of new listings fell to 156, down eight from the same week last year. 


Saskatoon residential MLS sales and and new listings for the week of March 6-13, 2020



The total number of Saskatoon homes offered for sale on the MLS® increased to 1474 from 1450 at the close of last week. Inventory grew at twice the pace over the same week last year so when the dust settled this weekend, the annual gap had grown larger than it was at last week’s close.


 Listings numbers are now down annually by roughly 80 units or about five percent.


As of this morning, there are 869 single-family homes showing an active status on the MLS®. That’s up 14 from last week and an increase of nine from levels recorded at the close of the same week last year. Active condo listings are now at 523, up 10 from last week and down 78 units, or 13 percent from a year ago.


Active Saskatoon real estate listing on the MLS at March 14, 2020



Sales activity for homes priced below a quarter-million dollars rebounded solidly this week and ushered the median sale price for the period lower to $330,648. With just four closed deals above the half-million-dollar mark, the average price for the week also fell lower to $330,000.


Meanwhile, the six-week average price took some small gains increasing $600 from last week to $328,103. That’s down about two thousand dollars on a year-over-year basis. The four-week median price closed the week at $324,900 which is unchanged from the previous week, and up just three hundred dollars from last year.


Average and median prices for Saskatoon homes sold March 6-13,2020



Just one lucky seller found themselves accepting an offer for more than their asking price. They ran off with a $5,100 bonus. Buyers continued to do well at the negotiating table as 62 of 71 sales closed below the asking price to net those buyers an average discount of $12,815.


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 6-13, 2020


More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from March 6-13, 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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