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Saskatoon real estate week in review: August 12-18, 2012

This week, the Saskatoon residential real estate market experienced its quietest week since early spring as the number of houses and condos reported sold to the MLS® by local agents slipped to just 74. That’s down seven homes from the previous week but behind sales recorded during the same week last year by 23 properties. While year-over-year gains were quite typical throughout the second quarter, and most of the third, the last six weeks have seen sales fall below last year’s strong levels three times. Looking at MLS® sales totals for those six weeks we see an overall decline of four percent compared to total Saskatoon home sales (houses and condos) during the same period last year.


After dropping sharply last week, new listings spiked higher to 144 homes for a weekly gain of 42 and a year-over-year increase of 43 properties.  By contrast to sales, new listings added to the multiple listing service® have increased over the previous year in 12 of the past 13 weeks.


Click the image for a larger version of the graph.




Still, the total number of active residential listings on the Saskatoon multiple listing service® grew by just 11 properties this week to settle at 1238 by today. That’s down from 1368 at the same point in 2011. Active residential listings have remained quite stable, fluctuating between 1200 and 1250 for about 15 weeks now. Looking at more specific housing categories, we have 406 condominiums available today on the MLS®, down from 475 at the same time last year. There are 767 single-family homes showing an active status on the system today compared to 810 at this point during 2011.


Click the image for a larger version of the graph.



The average price of a Saskatoon home sold this past week managed to slip about seven thousand dollars to $342,237 in spite of the fact that a single house sale at more than $1.3 million skewed the numbers higher. The weekly median also slid lower dropping eighty-five hundred dollars from last week to $321,500. The six-week average sale price followed and shed seven thousand dollars from last week to settle at $337,945 for a year-over-year increase exceeding thirty thousand dollars. Meanwhile, the four-week median price fell lower by just one thousand dollars on a weekly basis to $326,000 for an annual increase of 26K.


Click the image for a larger version of the graph.



Overbid sales were a near non-factor with just three buyers offering to pay more than the seller's list price by an average of $2,067. Another nine offered all that the seller was asking while 62 of 74 completed sales fell short of the listed price by an average of $10,318.


Other notable MLS® activity this week includes 48 canceled and withdrawn listings,  just seven expired listings and 42 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.
 

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