Saskatoon real estate week in review for October 17-23, 2020 (edition #711)

Saskatoon home sales bounced back into the three-figure territory for the first time in four weeks. Local real estate agents reported 104 firm sales, up from 95 last week, to top sales for the same week last year when just 63 trades were reported. This is the 20th consecutive in which sales met or exceeded those recorded over the same period last year.

New listing activity continued to cool. Over the past seven days, 122 new residential listings were added to the MLS®. That amounts to a weekly decline of eight listings and a drop of four from the same week in 2019. It’s the third consecutive week in which new listings moved lower, and the first week in six that new listings fell annually. 

Saskatoon real estate sales and listing stats for the week of October 17-23, 2020

The inventory of active MLS® listings dropped to 1428, down 38 from last week’s close. At this time last year, Saskatoon home buyers had 1726 listings to choose from.

While condo inventory fell lower on a weekly basis, we are now recording annual gains as levels grew to 591 from 580 a year ago. The number of single-family homes dropped to 761 for a weekly decline of 31 units, to find itself down 304 units annually.

Active Saskatoon real estate listing on the MLS at October 24, 2020

Far fewer trades below the quarter-million-dollar mark brought both the weekly median price and the weekly average higher to $339,500 and $354,338 respectively.

Those weekly gains were not enough to keep either of the longer-term price measures from slipping lower. The six-week average price fell three thousand dollars to settle at $353,135. That was enough to claim a year-over-year increase of 27K. The four-week median price fell for the second week in a row to $336,000. That’s a six thousand dollar change from last week. It remains higher annually by roughly twenty-thousand dollars.

Average and median prices for Saskatoon homes sold October 17-23, 2020

Overbid sales fell to just two, with one of the two sellers picking up a $40,100 bonus on top of their asking price. The other saw an offer that exceeded the list price by $100. Meanwhile, 91 of 104 trades closed below the asking price and netted those buyers an average discount of $13,378.

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 17-23, 2020

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from October 17-23, 2020

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Norm Fisher

Royal LePage Vidorra


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