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Saskatoon real estate week in review for May 16-22, 2020 (edition #689)


An upward sales trend continued for the Saskatoon real estate market this week as local REALTORS® reported 91 firm residential sales to the multiple listing service®. That is the highest number of residential trades for any week this year. 


That was 15 more sales than were recorded the previous week. More interestingly, it’s the first time since the final week of March that we saw sales increase on an annual basis. Over the same week last year, Saskatoon real estate agents finalized just 73 deals.


Home sales, while well down on a year-over-year basis have been showing remarkable and steady improvements over May. Where April sales fell 45% annually, May sales are down just 24%. 


Saskatoon residential MLS sales and and new listings for the week of May 16-22 2020



The inventory of active residential listings inched higher this week. It grew from 1505 last week to 1522 today, to finish down annually by 388 properties. That represents a year-over-year decline of roughly 20%. 


There are currently 877 Saskatoon houses for sale, down from 1079 a year ago. Additionally, there are 569 Saskatoon condos in the mix, down from 709 at the close of the same week last year.


Active Saskatoon real estate listing on the MLS at May 23 2020



The median sale price of a Saskatoon home fell to $329,900 for a weekly decline of more than 30K as a surge of lower end sales occurred. The average price for the week moved in the opposite direction as it grew by about eight thousand dollars from the previous week’s close. This was largely due to a good handful of trades above the $500,000 mark.


The six-week average price took its seventh consecutive weekly decline as it lost just $150 to settle at $336,450. That’s down annually by just under $4500. The four-week median price held firm at $338,000 which is higher than it was at this time last year by eighteen thousand dollars.


Average and median prices for Saskatoon homes sold May 16-22, 2020



One lucky seller parlayed a multiple offer situation into a bonus of $5100 more than their asking price. Meanwhile, 84 of the week’s 91 sales closed for less than list price to net those buyers an average discount of $12,191.


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 May 16-22 2020


More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from May 16-22 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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