CONTACT

Saskatoon real estate week in review for May 9-15, 2020 (edition #688)


Saskatoon real estate sales reached a new weekly high for the year this week as local agents reported 76 firm residential trades to the MLS®. That’s up sharply from 49 last week, but it falls short of sales recorded over the same period last year by 19. 


That’s our strongest “year-over-year” performance for unit sales since the second week of April.


The market, in general, seems to be trending towards higher levels of activity. You may recall that April saw sales decline 45 percent, compared to April of 2019. By the middle of May, sales are down 34 percent from May 2019. Still not great, but improving. There seems to be a positive vibe right now. We’ll see how that translates to sales but I have a feeling we will see continued improvements through the balance of May, assuming that circumstances around COVID don’t throw us a serious curveball.


New listings numbers were also fairly strong as 174 Saskatoon homes were added to the multiple listing service®. That number is down 11 units from last week, and further down by 46 homes when compared to new listings taken over the same week last year.


Saskatoon residential MLS sales and and new listings for the week of May 9-15 2020



Active MLS® listings grew again, this week by 32 units. As of this morning, there were 1504 residential listings available on the system, which represents a new high for the year. Inventory previously peaked at 1502, just before the state of emergency was declared in Saskatoon. Still, a huge gap remains when we look back at inventory levels a year ago. At that time, Saskatoon real estate agents had 1890 listings for sale.


Active Saskatoon real estate listing on the MLS at May 16 2020



This week, the median sale price of a Saskatoon moved higher by more than eleven thousand dollars to reach $361,500. Meanwhile, the average sale price for the week slipped lower by 15K as it moved to $344,953.


The six-week average price took its sixth consecutive weekly decline as it slipped about ten thousand dollars from last week to settle at $336,604. That’s roughly $3500 lower than it was a year ago.


The four-week median price closed the week at $338,000, up a little more than 10K from last week, and higher annually by thirteen thousand dollars.


Average and median prices for Saskatoon homes sold May 9-15 2020



Just two sellers closed a deal for more than their asking price. Those two overbids were each worth $5,100 to the sellers.


On the other hand, 70 Saskatoon home buyers managed to grind their sellers down for a discount that averaged $14,288.


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 9-15 2020


More weekly stats and numbers for those who love them. 


Saskatoon real estate statistics for MLS home sales from May 9-15 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