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Saskatoon real estate week in review: April 28 - May 4, 2013

April brought a pretty good little run for the Saskatoon real estate market, one like we hadn’t experienced in a number of months. In fact, for the first time in six months sales in the residential category came in higher than they had during the same month the previous year. It feels like spring in Saskatoon, finally!


That said, this week’s sales didn’t quite measure up on a year-over-year basis. Local agents reported a total of 98 house and condominium sales to the Saskatoon multiple listing service®, up five from last week but falling short of numbers hit during the same week a year ago when 109 homes traded hands.


New listings where through the roof strong as 198 properties were added to the MLS®, the largest number added during any single week since May of 2009. New listings were up over the previous week by 41 and ahead of the same period last year by 17.


A seven week streak of gains to the total residential inventory on the Saskatoon multiple listing service® came to an end as levels softened slightly compared to the previous week. As of this morning, 1152 Saskatoon homes display an active status, down from 1163 at the close of the previous week, but ahead of last year’s level by twenty properties. As has been the case for a number of months now, single-family home inventory is up slightly on an annual basis while condo inventory is down just marginally. Today there are 704 active listings of single family homes compared to 677 at the same time a year ago. A condo search shows 360 active listings, down from 383 a year ago.


Saskatoon’s fourth sale of the year, with a price above one million dollars and a handful of pretty pricey homes that traded above $600K skewed the average price paid for a Saskatoon home substantially higher than the previous week to a new record high for the year at $374,857. While upper end buyers showed a willingness to close offers, entry level sales had a weaker showing so the median price for the week also headed a fair bit higher to $364,075. The six-week average selling price of a Saskatoon home gained eight thousand dollars from last week to hit $351,363 and finished higher than the same week last year by roughly the same gain. The four-week median changed just slightly gaining five hundred dollars on the week to reach $333,500 for an annual bump of eighty-five hundred dollars. You may recall that over the previous two weeks the four-week median price had been showing year-over-year declines.


The number of buyers who were willing to pay a price higher than the seller’s asking price came in a ten. Those ten deals averaged a price that exceeded list by $2,490. Another 11 sellers closed a deal at their full list price while 72 of 98 sales reported this week produced a price below asking by an average of $7,712. Other notable MLS® activity this week included 42 cancelled and withdrawn listings, 10 expired listings and 26 price adjustments.


Highlights from the news this past week


Saskatoon real estate activity rebounds in April - Star Phoenix

Property value assessments skyrocket - Star Phoenix

Saskatchewan economy on solid footing - Star Phoenix

Hard to plan for city of a million - Star Phoenix

Canadian housing: Bursting bubble or gentle landing? - Financial Post


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

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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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