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Saskatoon real estate week in review: November 17-23, 2013

On the heels of a couple of seasonally soft weeks for Saskatoon real estate sales the tide turned as unit sales surged higher. Local real estate agents reported 82 house and condominium sales to the Saskatoon multiple listing service® this week for a weekly gain of 27 sales and a year-over-year increase of 32 properties.


New residential listings also showed increased activity moving higher than last week’s total by six to finish to week at 100 homes, even. That number is also up on an annual basis. During the sale week last yearSaskatoon real estate agents processed just 94 new home listings on the Saskatoon MLS®.


Active Saskatoon real estate listings stayed fairly stable slipping just 16 units from the close of the previous week to settle at 1281, about 220 more homes than were available at this time last year. By week’s end buyers could find 786 single-family homes and 381 condos showing an active status on the Saskatoon MLS® system. Last year at this time, those two categories of homes sat at 625 and 337 respectively.


You may recall that last week a handful of high end property sales pushed the average sale price of a Saskatoon home to its highest weekly number for the year. Absent that skewing factor the average corrected itself and fell sharply lower to $330,216 this week to reach its lowest point since September. Far more activity at the lower end of the pricing spectrum saw the median sale price of a local home drop nearly $30,000 to close the week at $310,220. The six-week average dropped about thirty-seven hundred dollars from last week to finish at $353,130 which was enough to bring a year-over-year increase of seventeen thousand dollars. Meanwhile, the four-week median price of a Saskatoon home slid for the third consecutive week reaching $327,500 for an annual increase of just three thousand dollars.


This week’s sales included two that sold above the seller’s asking price. Those deals netted the seller an average overbid of $7,650. Another 14 buyers paid full asking price to lock up a contract while 66 of this week’s 82 closed transactions went below list price by an average of $15,553. This discount was skewed significantly by a dozen or so area 4 condo sales that all went to one buyer who was able to negotiate discounts as high as 75K on a few of those units.


Other notable MLS® activity this week included 40 cancelled and withdrawn listings, 3 expired listings and 32 price adjustments.


Highlights from the news this past week

Urban dream looks promising - Star Phoenix
October home sales up from a year ago, but down from September: CREA - MacLean’s
House sales slow after buyer’s rush in to lock up rates - Globe and Mail
Canadian home prices in for a soft land, rating agency predicts - TheRecord.com Economy at risk as demand cools for new homes - Globe and Mail
Rates to stay low: Mortgage brokers - Winnipeg Free Press
Bank of Canada chief says Canadian housing is not in a bubble - 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.
 

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