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Saskatoon real estate week in review: April 6-12, 2014


For the fourth consecutive week the Saskatoon residential real estate market continued to record sales well above what would be expected at this early stage of the spring season. Local agents completed 100 firm sales of house and condominiums this week, about even with last week’s numbers and up on sales for the same week last year by 22. At the same time, new house and condo listings brought into the multiple listing service® continued to outpace previous years even as they cooled slightly from levels seen a week earlier. By week’s end, real estate agents had added 173 Saskatoon homes to the MLS® system, 44 fewer than hit the market the week before but higher than numbers for the same period last yearby ten.


Even with some stellar sales weeks on the board, the inventory of MLS® listings in the residential category grew by 33 this week to reach 1369 for an annual increase of 245 Saskatoon homes. So far this year, elevated levels of listing inventory don’t seem to be very problematic, unless you’re a seller fishing for a dupe that will pay too much. Homes priced at or around their realistic market value are turning reasonably quickly. At the close of business this week buyers could find 824 single-family homes for sale, up from roughly 680 at the same point in the previous year. Meanwhile, the number of condominiums for sale in Saskatoon climbed to 435 from about 350 a year earlier.


Real estate sales activity was strong across all price categories but there was elevated activity at the lower end of the market which caused the median price of a Saskatoon home (point at which half of all homes sold above) to slip lower to $328,750. Still the mix of sales on either said of the median came in with lower numbers overall and the average sale price of a local home slipped down from last week’s extreme high to hit $341,524. That’s it’s lowest point in four weeks. The six-week average price fell lower as well losing more than three thousand dollars from last week’s number to settle at $354,933 for one of its smallest annual gains in many weeks, about eight thousand dollars. Meanwhile, the four-week median price held stable at $349,900 for the second consecutive week, enough for an annual gain of about 19K.


Overbid sales saw a bit more play this week as they crept higher from two last week to four this week. The average overbid on those homes was $3,100. On the flip said, 81 of this week’s closed deals were recorded at a price below the seller’s asking price by an average of $9,227. The other 15 deals hit the books with a full price sale.


Other notable MLS® activity this week included 51 cancelled and withdrawn listings, 17 expired listings and 48 price adjustments.


Highlights from the news this week

Conservative growth in Saskatoon housing prices - Star Phoenix
Spring sparks real estate rebound - CTV News
Real estate or stocks? Which will make you richer? - Globe and Mail
Real estate markets turning the corner - Financial Post
Mortgage in retirement means big sacrifices- Financial Post


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.
 

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.

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