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Saskatoon real estate week in review for the week of December 7-13, 2019 (edition #666)


Saskatoon real estate sales fell sharply this week. As we pushed towards mid-December it appears that people were more likely to be buying Christmas gifts than homes. Local REALTORS® reported just 46 firm residential sales to the multiple listing service®, down from 73 the previous week, for an increase of two when compared against sales for the same week last year.


New listing activity, which had already tumbled last week slipped a bit lower to 70, down just three from a week ago for an annual decline of 16. Listing activity will remain low through the balance of December. Most people aren’t looking for extra traffic through their home over the holidays.


Saskatoon residential MLS sales and and new listings for the week of December 7-13, 2019



The number of Saskatoon homes showing an active status on the MLS® system fell to its lowest point since early February. By this morning, home buyers have 1402 options to choose from, down 39 from last week’s close, and lower than it was at this time last year by close to 200 units. I believe that to be the largest annual decline recorded this year, but like the other measures (sales, new listings, and even prices) these numbers should be taken with a grain of salt. Motivations swing wildly at this time of the year. That said, there’s no question that the trend is towards lower supply and higher demand which should mean continued balance in the market, at least for a while.


A closer look at housing categories shows 829 active single-family homes for sale in Saskatoon, down from 858 last week, and 896 a year ago. Condo inventory is sitting at 507, down just four from a week ago, and lower than last year by 91.


Active Saskatoon real estate listing on the MLS at December 14, 2019



Buyers seeking homes below the $200,000 mark pretty much disappeared this week to drive the median sale price for the period higher to $327,500. The average sale price for the week slipped lower to $321,764. 


Meanwhile, the six-week average price softened modestly. It dropped to $329,482 for a weekly decline of about seven thousand dollars, which is about 10K shy of where it stood at this time last year. The four-week median price of a Saskatoon home fell for the third week in a row, this time by close to four thousand dollars to leave it down annually by seven thousand dollars.


Average and median prices for Saskatoon homes sold December 7-13, 2019



Two sellers got an early Christmas surprise as competing buyers drove the selling price of their home above the asking price, one by $5,100 and the other by $16,100. Buyers had a good week as 39 managed to close a deal below the asking price with a hefty average discount of $14,232.


Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list 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 December 7-13, 2019

More weekly stats and numbers for those who love them. 

Saskatoon real estate statistics for MLS home sales from December 7-13, 2019



Thank you for reading TeamFisher’s Saskatoon Real Estate Week in Review.


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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