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Saskatoon real estate week in review: August 19-25, 2012

On the heels of one the quietest sales week since early April home sales bounced back as Saskatoon real estate agents reported a total of 94 single-family homes and condominiums firmly sold to the multiple listing service® this week. That number trumps the previous week’s sales by 20 units and is up over the same week last year by three.


At the same time,new Saskatoon real estate listings retreated and fell to just 106 homes, down from 144 the week before to close higher on a year-over-year basis. The same period of time during the previous year saw 92 new listings added to the MLS® system.


Click the image for a larger version of the graph.



The total number of active MLS® listings in the residential category dipped lower and edged closer to the 1200 mark than it has been for seven weeks. A search of the multiple listing service® this morning shows 1212 Saskatoon real estate listings, 26 fewer than were available at the same time last week. Total MLS® inventory is down roughly ten percent from the same point in 2011 when 1350 Saskatoon homes were available to Saskatoon home buyers. Today’s inventory consists of 747 single-family homes and 400 condos. A year ago, those categories were showing 806 and 470 respectively.


Click the image for a larger version of the graph.



The median price of a Saskatoon home inched slightly lower this week, slipping nearly two thousand dollars to $320,732. The average selling price remained high, and in fact, grew by more than seven thousand dollars to $349,960 thanks in part to a half dozen sales above the $600,000 mark, including one that approached the one-million-dollar mark and another that exceeded it. For those of you keeping score, that brings the total number of Saskatoon homes that have sold for more than one million dollars to nine this year, with four full months remaining in the year. The previous annual record was six such homes. In spite of lofty prices for the week both of our longer-term measures managed to slip marginally lower on a weekly basis. The six-week average price dropped just a few hundred dollars to $337,664 and maintained annual growth of roughly 27K. The four-week median price of a Saskatoon home slid about $650 from last week to close at $325,450 and claimed a year-over-year increase of nearly $29,000.


Click the image for a larger version of the graph.




Home sales exceeding the listed price remained low at just two. Those lucky sellers saw an additional $11,325 added to their bottom line. Meanwhile, 72 Saskatoon home sellers took a seat at the negotiating table and agreed to an average discount of $11,974 to close up a deal. Another 20 sellers accepted a full price offer.


Other notable MLS® activity this week includes 34 canceled and withdrawn listings,  17 expired listings and 38 price adjustments.


Click the image for a larger version of the chart.



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 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.
 

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