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Saskatoon real estate week in review: September 9-15, 2012

Saskatoon real estate sales bounced out of the abyss with a big week-over-week increase. Local agents reported 88 firm house and condominium sales to the multiple listing service® for a spike of 30 units compared to the previous week to finish ten percent ahead of the same week last year.


New listings also picked up some steam growing by 42 properties over last week as 152 new MLS® listings hit the market. During the same week last year 108 Saskatoon homes were offered for sale.


Click the image for a larger version of the graph.


The inventory of Saskatoon homes for sale took a slightly upward turn and closed the week ahead of last week’s numbers by five. That puts us at 1200 even in the residential category, about 75 fewer homes than were available at the same point in 2011. Today’s totals show 741 single-family homes and 388 condos. Single-family homes inventory is nearly on par with last year’s numbers which stood at 755. Condo inventory is down about 15 percent on a year-over-year basis. At this point last year there were 453 Saskatoon condos available for purchase on the multiple listing service®.


Click the image for a larger version of the graph.


On the heels of a week in which home prices hit a new record high for any given week in Saskatoon’s history, prices softened with far more activity at the lower end of the market. The weekly median price slid $33,000 from last week to just $309,500. The average selling price of a Saskatoon home tumbled further shedding about 50K from last week’s high to $320,200. The six-week median price followed in the same direction with a much smaller decline of about six thousand dollars on the week to finish up on the same week last year by about twenty-three thousand dollars. The four-week median dropped about four thousand to $325,000 and finished up on an annual basis by twenty-five thousand dollars.


Click the image for a larger version of the graph.


Overbid sales refused to die but remained a near non-factor with just one sale closing above the asking price. That buyer paid an additional $3,550 to wrap up their deal. Another 11 sellers received full asking price for their home while 75 of this week’s 88 sales closed below the list price by an average of $8,604. Other notable MLS® activity this week included 53 canceled and withdrawn listings,  15 expired listings and 47 price adjustments.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.
 

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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