Saskatoon real estate week in review for October 10-16, 2020 (edition #710)

Saskatoon real estate sales saw a modest increase this week as local REALTORS® reported 95 firm residential trades to the MLS®. That’s up six from last week, and way, way up from just 52 sales over the same period last year. This was the 19th consecutive week in which sales either met or exceeded those for the same week last year and the third consecutive week in which sales fell below 100.

New listings plunged lower to 130 for a weekly drop of 52 units. Still, the week produced more listings than the same week last year by 21. New listings have pretty consistently grown each week since early July (all but two weeks).

Saskatoon residential MLS sales and and new listings for the week of October 10-16, 2020

Active listings inventory slipped lower again, now for the fourth consecutive week. As of today, there are 1466 residential properties for sale in Saskatoon on the MLS®, down 17 from last week’s close. At this time last year, there 1756 homes for sale in the city.

Today’s totals include just 792 single-family homes. That is down 25 units from last week, and well down from 1083 available a year ago. Meanwhile, condo inventory grew by nine over the course of the week to reach 595, also up nine from a year ago. I believe that will be the first time either of the two major categories showed year-over-gains this year.

Sales over the past 30 days continued to trend lower. Looking back a month we see 426 sales, down just seven from last week. “Months of inventory” remained stable at 3.4 for the third consecutive week. 

Active Saskatoon real estate listing on the MLS at October 17, 2020

Solid activity at price points below $250,000 brought the median price for the week sharply lower to $325,000 while an absence of sales above $750,000 helped usher the weekly average price lower to $335,457.

The six-week average price took modest gains, now for the third week in a row, and reached $356,188. The weekly increase of about five hundred bucks leads us to a year-over-year gain approaching 25K. The four-week median price, which has been climbing steadily over the past eight weeks finally saw a drop as it slipped to $342,000. That’s lower than last week by three thousand dollars, but up from the same week last year by a whopping $32,000.

Average and median prices for Saskatoon homes sold October 10-16, 2020

Five lucky sellers closed a deal above their asking price to net an average bonus of $6,480. Meanwhile, 82 of the week’s 95 sales went below list price to deliver those buyers an average discount of $12,401.

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 October 10-16, 2020

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from October 10-16, 2020

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Norm Fisher

Royal LePage Vidorra


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