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Saskatoon real estate week in review: November 4-10, 2012

Have you seen the movie Groundhog Day? Well, this was groundhog week for the Saskatoon real estate market which performed at about the same level as the previous week for new listings and home sales. Local agents reported 69 house and condo sales to the Saskatoon multiple listing service® to match last week’s production. Those numbers did outperform the those reported during the same week a year ago when just 55 buyers and sellers firmed up a deal on a Saskatoon home. New listings came in at 99 for the week, up one from the previous week but ahead of the same period last year when just 83 properties came on the market.


The  inventory of Saskatoon MLS® listings in the residential category continued to trail lower for the fourth consecutive week. It fell by 17 units compared to the close of the previous week and reached 1075, lower than it was at this time a year ago by about 100 homes. Today’s inventory shows 642 single-family dwellings (houses) and just 346 condos, down from 701 and 402 a year ago.


Fewer high end home sales saw the median sale price of a Saskatoon home fall more than $20K this week to $322,300. The average sale price slid nearly twice as much closing the week at $325,282. Meanwhile, the six-week average sale price managed a bit of an increase as it climbed nearly four thousand dollars compared to the previous week to reach $340,326. That number is just shy of being ten thousand dollars up on the same week last year. At the same time, the four-week median price fell by just more than three thousand dollars over the course of the week. It finished at $319,500 for a year-over-year increase similar to that of the six-week average price.


Overbid sales fell lower again as just two Saskatoon home sellers managed a bidding war to jack up the final price of their sale. Those deals averaged a bonus of $5,700 for the seller. Another nine sellers found a buyer willing to pay their full asking price while 58 of this week’s 69 sales required some give and take with the buyer netting an average discount of $9,755.


Other notable MLS® activity this week included 46 cancelled and withdrawn listings, 14 expired listings and 35 price adjustments.


Highlights from the news this past week

Canada braces as housing slowdown takes hold - Financial Post

Will inflation keep boosting house prices? Don’t bet on it - Globe and Mail

Canada housing starts to moderate, resales stable: CMHC - Reuters Canada

Canada’s home prices seen falling but no U.S. style collapse - Globe and Mail

Canada’s home prices seen falling, not crashing - Financial Post

Household debt growth at ten year low: Are we getting the message? - 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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