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Saskatoon real estate week in review: April 4-8, 2011

Sales of Saskatoon houses and condos slipped again for the second consecutive week, shedding nine units compared to the previous week. Real estate agents reported just sixty-two firm sales to the local MLS®, down nine from last week and falling below sales recorded during the same week last yearby five properties.


Consistent with last year’s pattern, listing activity saw a strong surge and recorded the largest number of new MLS® listings for any week this year as 148 condominiums and single-family homes were introduced to the market. That’s an increase of thirteen compared with the week before but falls short of the number of homes listed during the sale week in 2010 by eighteen units.


Click the image for a larger version of the graph.


The total inventory of active MLS® listings posted gains as it has every week since the year began. The total number of residential properties for sale in Saskatoon reached 1260, an increase of thirty-five compared against the close of last week for a twelve percent year-over-year gain. That’s the smallest year-over-year gain that we’ve seen in several months. As of this morning, there are 717 single-family homes available for sale and 469 condos. Those numbers are both up from last year when there were 675 houses and just 397 condominiums showing an active status on the Saskatoon MLS® system. Year-over-year percentage gains for those two housing types are six percent and eighteen percent, respectively.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings fell substantially to just twenty-seven properties. As is usually the case, a large percentage of those homes (nineteen) immediately returned to the system posing as a “new listing.” An additional sixty-two Saskatoon home sellers adjusted their asking price hoping to improve their marketing position.


Sales activity at the lower end of the market picked up the pace as the weekly median sale price tumbled almost thirty-five thousand dollars from last week to $274,000. The average sale price of a Saskatoon home followed along slipping more than twenty-four thousand dollars on a week-over-week basis to finish at $297,186. The six-week average price managed to edge higher gaining almost two thousand dollars on the week to fall just short of $300K at $299,919. That’s up nearly fourteen thousand from the same week a year ago. At the same time, the four-week median sale price slipped 5K from last week to $287,000 but still managed to claim a year-over-year gain of about ten thousand dollars.


Click the image for a larger version of the graph.


Overbid activity nearly feel off the map with just one lucky seller reporting a sale price that was greater than the asking price, and only by one hundred dollars. Six sellers did manage to get exactly what they asked. The other fifty-five gave up a few bucks at the negotiating table with an average discount of roughly 2.7 percent, or $8,145.


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.

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