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Saskatoon real estate week in review: April 18-22, 2011

Sales of houses and condos saw a second consecutive weekly gain as Saskatoon real estate agents reported eighty-three firm sales to the local MLS®, up six from the previous week, and falling just a couple of units short of the high volume week for the year. Still, total sales came in below levels recorded during the same week of 2010when eighty-eight Saskatoon homes changed hands.


While sales levels rose on a weekly basis, new MLS® listings plummeted dropping thirty-six units compared to the previous week to just ninety-four, the smallest number of new listings for any week this year. The year-over-year decline was even sharper. One hundred and thirty-six new listings were added to the MLS® system during the same week last year.


Click the image for a larger version of the graph.


Stronger sales and weaker listing activity brought the first decline in active listing inventory that we’ve seen this year, however slight it was. The total number of residential properties that are currently available on the Saskatoon multiple listing service slipped by just one unit from last week to 1298. On a year-over-year basis, total active MLS® listings were up just 7.5 percent, continuing the trend that we’ve seen in recent weeks as annual gains have declined significantly. There are currently 758 single-family homes and 469 condominiums offered for sale on the Saskatoon multiple listing service®. At this time last year, these two housing categories stood at 717 and 436 respectively.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings dropped to just nineteen this week with fourteen of those properties returning to the system the same day with a new MLS® number and in most cases, a lowered asking price. An additional thirty-nine listings had a price adjustment while eight others expired without a sale.


Sales activity continued to favour the upper end of the market and the weekly median price took another increase to $318,000. The average sale price for the week also pushed higher gaining more than ten thousand dollars on the previous week to finish at $314,914. The six-week average sale price gained over five thousand dollars on the week to close at $304,885 to mark a year-over-year gain of nearly fourteen thousand dollars. The six-week median sale price was up sharply, also gaining fourteen thousand from last week to reach $309,000. Last year at this time the six-week median was just $279,900.


Click the image for a larger version of the graph.


Overbid activity tripled from the previous week as six lucky sellers found a buyer willing to pay more than list price by an average of $3,509. Another four received a full price offer. Seventy-three of eighty-three sales closed at a price that was below asking by an average of $8,569 or a percentage discount of roughly 2.7%.


Click the image for a larger version of the chart.


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Norm Fisher
Royal LePage Vidorra  

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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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