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Saskatoon real estate week in review: March 1-5 2010

Firm sales of Saskatoon homes continued to follow last year’s trend line through the first week of March as real estate agents reported a total of fifty-three house and condo sales to the local MLS system to bring a gain of five units compared to the previous week and finishing up by four homes compared to the same week last year.


New listingsspiked higher as the week produced the largest number of house and condo listings we’ve seen so far this year at 155 homes, including thirty-two apartments at one address, currently being constructed in University Heights.



The inventory of Saskatoon real estate listings pushed higher for the fifth consecutive week and broke the nine hundred mark for the first time since late October of last year. Inventory appears to be producing a trend line that looks quite similar to what we’ve seen over the past couple of spring seasons. At this point, I think it’s anyone’s guess as to where that line will peak but it does look like we now have a bit of upward momentum as total listings grew by sixty-eight properties over the previous week.


While buyers are not yet clearly demonstrating the spring itch to buy, sellers are definitely getting ready for a rush that they hope will come soon. The single-family home category saw a net gain of twenty-five, while condominium inventory grew by thirty-two. The balance of the growth occurred in “other” residential categories like duplexes, semi-detached homes, etc. Today, there are 903 active residential MLS listingscompared to 1,313 properties that were listed at the same time last year.



Cancelled and withdrawn listings came in at twenty-four and eleven of those quickly returned as a new listing. Thirty-seven sellers took a different approach and simply adjusted the asking price hoping to catch the interest of an eager buyer.


Prices continued on a downward trend for the second week in a row as twenty condo sales and a handful of single-family homes priced below $200K moved the average lower by nearly thirteen thousand dollars on a week-over-week basis to $263,513. The six-week average lost a bit of ground on the week moving about sixteen hundred dollars lower to $288,052, up from $276,503 for the same week last year. The four-week median was pretty stable from one week to the next but showed a twenty thousand dollar gain from the same time last year as it closed the week at $287,970.


Click the image for a larger version of the graph.


Overbidding, which hasn’t been much of a factor to date this year was even less popular this week as just five buyers stepped up and offered more than the asking price. Those that did took a fairly reserved approach offering a premium of just $740 on average to sew up the deal. Forty-six of fifty-three sales reported a final sale below the sticker price by an average of $8,573 or 3.5 percent below asking, a larger discount then we’ve seen for many weeks. Interestingly, the larger pricier properties saw the most heat this week. Those that took overbids averaged a price of $416,640 while those that sold below the list price traded at just $240,663 on average.



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.


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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.

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