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Saskatoon real estate week in review: April 22-28, 2012

Saskatoon real estate agents reported a total of 91 house and condo sales to the Saskatoon MLS® system this week, down eight from the previous week and just marginally lower than recorded activity for the same week a year agowhen 94 homes traded.


On the heels of a very busy week for listings, new MLS® listingsslipped lower this week falling 33 units from the previous week to 145 houses and condos, still well above numbers generated over the same period of 2011 when just 118 properties were offered up for sale.


Total active MLS® listings in the residential category continued to advance at a slower rate than we would hope for at this time of the year. By the close of the week, the residential inventory had inched up just twelve units from the previous week to 1120 homes. That’s down 15 percent from the previous year’s numbers, which stood at 1310 at this point in the year. A search of the agent MLS® today shows 662 single-family homes (detached houses) and 381 condominiums that display “active” as their status. Last year at this time, those two Saskatoon housing categories stood at 753 and 489 respectively.


With active inventory down 15 percent and units sales showing a year-to-date increase of 12 percent, Saskatoon housing prices are seeing some upward pressure. There seems to be some general consensus that the nine percent increase we see in average prices is somewhat skewed by a growing number of transactions at the upper end of the market, there’s little doubt that buyers who are purchasing homes priced below $450K are paying more than they might have a few months ago.


The average price of a home sold in Saskatoon last week was $353,256. The median climbed nearly twenty-three thousand dollars to $344,900. Both of our longer-term measures reached new record highs as the six-week average gained five thousand dollars on a weekly basis and reached $342,732. That’s up about thirty-two thousand dollars from the same week last year. The four-week median price saw a weekly gain of just over two thousand dollars and hit $339,900 for a year-over-year gain of thirty-one thousand dollars.


While there are clearly a growing number of situations where multiple offers are being generated on homes, particularly those priced below $400K, buyers are rarely making offers above the asking price. Only four such sales were recorded this week. When it happened, the overbids were fairly strong averaging $8,600. Another 16 lucky sellers managed to close a deal for the full asking price while 71 of this week’s 91 sales required some pencil sharpening on the seller’s part, to the tune of $10,117 on average.


Other notable activity on the Saskatoon multiple listing service® this week included 36 cancelled or withdrawn listings, 11 expired listings and 41 price changes.


Highlights from the news this past week


CMHC set to be under OSFI supervision? – Financial Post
Government fixes mortgage market, but will it work? – Financial Post
Flaherty moves to tighten CMHC oversight – CBC News
CMHC could be pulled out of mortgage insurance business: Flaherty – Financial Post
Home prices move higher in March – Globe and Mail
Canadian home price gains slow – Financial Post
Flaherty on why Ottawa is increasing oversight on CMHC: Video – Globe and Mail
Ottawa trains its sights on hot housing market – Globe and Mail
A housing crisis of global proportions – Globe and Mail
Sask. GDP up 4.8 percent - Star Phoenix
Saskatoon home prices rise - Star Phoenix


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


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


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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