CONTACT

Saskatoon real estate week in review for May 23-29, 2020 (edition #690)


Saskatoon real estate sales grew for the third consecutive week to reach a new annual peak. By the close of the week, local agents had reported 99 firm residential trades to the multiple listing service®, for a weekly increase of eight sales. While that number falls short of meeting the 114 deals that closed over the same week last year, it continues to look more like spring activity than winter. 


Promising.


New listing activity fell on both a weekly and an annual basis. A total of 158 residential listings were added to the Saskatoon MLS® this week, down nine from last week, and 30 units short of last year’s number for the same period.


Saskatoon residential MLS sales and and new listings for the week of May 23-29  2020



The total number of MLS® listings available to buyers grew modestly, now for the fourth consecutive week. 


By this morning, there are a total of 1537 Saskatoon homes showing an “active” status on the MLS®. That’s up just 17 from last week’s close, and well below the 1879 active listings that buyers had to choose from a year ago.


Today’s totals include 886 single-family homes, down 180 properties annually, and 579 condominium units, down from 671 at the close of the same week last year.


Active Saskatoon real estate listing on the MLS at May 30, 2020



A bit more activity at the lower end of the Saskatoon real estate market brought the weekly median sale price of a local home lower by 5K to $324,900. Meanwhile, two residential sales above the million-dollar mark pushed the weekly average higher by nearly 20K to $372,295.


Those two large sales also pushed the six-week average price higher. It grew by more than twelve thousand dollars from last week’s close and reached $348,911 to claim an annual gain of roughly the same amount. The four-week median price fell lower by just $1000 to $337,000 on a weekly basis while showing a seven thousand dollar annual increase. 



Average and median prices for Saskatoon homes sold May 23-29 2020



Just one lucky seller sold at a price that exceeded their asking price as they pocketed a $3,700 bonus. On the flip side of the negotiating table, we see 90 sales recording a discount to the buyer which averaged $17,410. That’s number is significantly higher than what's expected. It was skewed up by a quarter-million-dollar discount on those two million dollar plus sales. Together, they drove the average discount higher by about $2500.


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 23-29 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from May 23-29 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


Comments:
No comments

Post Your Comment:

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.
 

Subscribe to our Blog

Posts By Date
The Saskatchewan REALTORS® Association (SRA) (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
Google Analytics Alternative