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Saskatoon real estate week in review: August 21-27, 2016


For the fourth consecutive week, the Saskatoon real estate market has recorded firm sales that met or beat the numbers for the same week in 2015. Over the past seven days, local REALTORS® firmed up 93 residential deals. That’s an increase of nine from last week, and up four from the same period last year. To be clear, these are not huge gains but during a year that has shown declines in sales in all of the first seven months of the year, it might be a bit encouraging for some sellers to see August close up on last year. So far this month, local agents have reported 318 deals. Last year, the total for all of August was 329. It’s a win and we’ll take it.


At the same time, the number of new listings that were added to the MLS® system plummeted to just 160, down from 212 for the same period last year.


For the second consecutive week, the total number of active residential listings on the multiple service® came in below levels recorded a year ago. Again, the difference isn’t large, but given that we have seen consistent annual gains for roughly 165 weeks, it’s a welcome change. Today there are 2048 residential listings showing an active status on the MLS®. That’s down just four from last week, and 11 fewer than were available a year ago. With just over 100 listings set to expire in the next few days, next week will most likely show some larger drops.


Taking a closer look by housing category, there are 1107 single-family homes available to local buyers, well below the 1210 houses that were up for sale last year at this time. Condo inventory made some small gains this week as the inventory grew to 770 and closed well up from 688 a year ago.


There were strong sales towards the upper end of the Saskatoon real estate market this week. With 14 sales recording prices at or above $500,000 the average price paid for a Saskatoon home grew to $362,599. There was a lot going on in the $200,000 to $300,000 range as well, enough to bring the weekly median price down sharply to $298,350. That’s just the second time this year that the median fell below $300K. At the same time, the longer-term measures both inched lower, perhaps telegraphing a similar trend to last year when prices began to slip lower in late August. In 2015, that continued through September and October which ultimately recorded some of the lower prices for the year. The six-week average price slipped to $358,391 to record an annual increase of just over one thousand dollars while the four-week median price slipped to $338,000 to show an annual loss of just more than ten thousand dollars.


After a couple of weeks with no overbid sales, three sellers found themselves accepting offers above their asking price. Those deals paid an average bonus of $1100. Meanwhile, 83 buyers made off with a discount averaging $10,629 while six buyers and sellers agreed to deal at the listed price.


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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