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Saskatoon real estate market values adjust in November, 2013: SRAR

The Saskatoon Region Association of Realtors® (SRAR) released the MLS® residential real estate statistics for November of 2013today accompanied by the following release.


Please note that many of the association’s comments touch on “year-to-date” numbers, and some are based on all sales within the board’s trading area. The charts which you see, as always, reflect activity within the city of Saskatoon on a month to month basis over the past several years.


There are a few interesting trends to note as we approach the end of 2013. Overall, year-to-date, there is an increase in the number of homes selling above $350,000. However, in the past two months homes sales in this range have fallen when compared against the same period during the previous year. According to Jason Yochim, Executive Officer with the Saskatoon Region Association of REALTORS®, "The median sale price for homes priced above $400,000 has actually decreased over the past couple of months as we see more inventory, especially in new construction. Also, the spread between list and sell price tends to widen as you move up in prices." The sales to listing ratio, which compares the number of units listed to those sold for the period, is higher in the lower price ranges versus the upper end. This is again due to lower levels of inventory in the lower price range.


“The number of new listings for 2013 is up ten percent over last year, however many of these listings are previously listed properties that failed to sell as a result of being overpriced and have been re-listed at a reduced price in order to bring them closer to market," adds Yochim. Further evidence to support this is a two percent increase in total unit sales (all housing categories and price ranges) compared to 2012. 


The average selling price for the year is up four percent over last year (flat when comparing November to last November) which contributes to the overall sales volume pushing closer to 1.5 billion in Saskatoon.


Overall the market continues to be healthy with a strong demand for homes in the $300,000 to 500,000 price range. The surplus of inventory priced over $500,000 is due to a couple of factors such as unrealistic expectations when pricing as well as over 200 new home builders with product on the market. This does not mean that the "bubble has burst” and the market is falling headlong into a buyers' market, but rather a subtle reminder that although we are in growth mode, the growth and price increases have limitations.


The market will always determine the true value of homes through supply and demand and eventually the pricing must follow suit. "This is just a gentle reminder to sellers that regardless of what they feel their home is worth, they have to respond to what the buyer is telling them and price to market.”


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call of email me.


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Norm Fisher

Royal LePage Saskatoon Real Estate

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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