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Saskatoon real estate week in review: March 3-9, 2013

Saskatoon real estate continued to move at respectable pace this week, actually beating sales from the same week the previous year for just the second time this year. Local agents reported a total of 71 firm house and condo sales, a drop of six from last week but up by 14 from the same period last year.


While sales were reasonably strong new listings were through the roof. This week, 181 house and condo listings were added to the MLS® system. That’s the most for any week since June of last year and it stands apart as one of the biggest listing weeks in the past five years. Some of that was likely expired listings that dropped off of the system the previous week, but still, the selection of available homes suddenly saw an improvement if you’re a buyer.


The inventory of available MLS® listings in the residential category took its biggest jump this year growing to 1047 from 976 at the close of the previous week to finish up over the same week last year by about two dozen units. Today’s totals show 648 single-family homes and 310 condominiums available to buyers. At this time last year those two housing types sat at 599 and 331 respectively.


Even in the absence of any huge luxury home deals the average sale price of a Saskatoon home managed to remain high dropping just a couple thousand dollars from last week to $339,030. The median price grew by seven thousand dollars to $317,500. The six-week average price continued to inch ahead gaining about fifteen hundred dollars from the previous week to reach $334,519 for an annual gain of just over fifteen thousand dollars. After sliding to its low point for the year last week the four-week median began to rebound and picked up eight thousand dollars to close the week at 314,250 and record a year-over-year decline for the second week in a row. During the same week last year the four-week median was just slightly higher at $314,900.


Overbid sales showed their strongest numbers in weeks at five. Those deals were reported to have closed at an average of $4,700 above the asking price. Another 12 buyers paid full asking price to wrap up their purchase. Meanwhile, 54 of this week’s 71 house and condo sales came in below the asking price with an average discount of $7,824.


Other notable MLS® activity this week included 40 cancelled and withdrawn listings, 19 expired listings and 36 price adjustments, twice the number recorded last week.


Highlights from the news this past week


When buying a home leave emotion at the door - Star Phoenix

Canada’s housing market overvalued by 20%: Fitch - Financial Post

Market View: No crash ahead for Canada’s real estate market - Globe and Mail

Real estate sales slow in province - Star Phoenix

Will nervous first time buyers make this spring’s housing market bloom? - Globe and Mail

Most frequently used words on listings show us a bit about our priorities - National Post

Flaherty thanks banks for holding rates steady after BMO cut - Globe and Mail


A map displaying the boundaries of Saskatoon real estate areas is here. An overview of data collection and calculation practices for our statistical reports is here.


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 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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