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Saskatoon real estate week in review: April 11-15, 2011

Following two weeks of declining unit sales, Saskatoon real estate trades bounced back but remained lower than those recorded during the same week last year. Local agents reported seventy-six firm deals to the Saskatoon MLS® system, up fourteen from last week, but trailing last year’s number by nineteen.


At the same time, new listings of single-family homes and condominiums slid lower with 130 properties being added to the multiple listings database, eighteen fewer than last week and significantly lower than the 168 that were listed during the same period a year ago.


Click the image for a larger version of the graph.


Total active MLS® listings continued on a seasonal upward trend as the number of Saskatoon residential listings grew by nearly forty units from last week, falling just short of breaking the 1300 mark at 1299. That number is up from 1180 at the same time last year, the smallest year-over-year gain that we’ve seen in months at just ten percent. Inventory levels were thirty percent above the previous year’s numbers as we entered 2011. The increase has been declining steadily since that time. Most of this week’s growth can be attributed to the single-family home category, which grew from 717 to 754 over a one-week period for annual growth of forty-nine homes. The current condo inventory sits at 475, up just six units from the close of the previous week for a year-over-year gain of almost sixty units.


Click the image for a larger version of the graph.


Cancelled and withdrawn spiked to forty-eight properties with thirty-nine of those immediately returning to the system with a new MLS® number. An additional fifty-eight homes recorded a price adjustment this week, almost all of them lowered.


Fewer entry-level sales, and strong activity above the $400,000 mark pushed the weekly median sale price higher by more than forty thousand dollars to $314,950. The average price for this week’s house and condo sales followed suit, though not as sharply, gaining just under seven thousand dollars for the week. The six-week average sale price slipped just a few hundred dollars from last week, and settled at $299,555 for a year-over-year gain of just over nine thousand dollars. The four-week median price bounced higher by eight thousand dollars this week and finished at $295,000 for an annual gain of thirteen thousand dollars.


Click the image for a larger version of the graph.


Overbid activity remained low with just two sales reporting a final sale price that was greater than the list price, with an average overbid of $8,550. An additional five sellers found a buyer willing to pay the asking price. Sixty-nine of seventy-six deals closed with an average discount of $9,011.


Click the image for a larger version of the chart.


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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.

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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