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Saskatoon real estate week in review: August 22-26, 2011

Saskatoon home sales continued at a pace that looked more like a spring market than the final full week of August. Real estate agents reported a total of ninety-one firm sales of single-family homes and condos to the local MLS®, six fewer than last week and up by twelve on a year-over-year basis. Meanwhile, the number of new listings continued to tail off and fell for the fourth consecutive week. Just ninety-two houses and condominiums were listed this week, down nine from last week, and pretty much on par with listing numbers recorded during the same week last year. Click the image for a larger version of the graph.

The total number of residential listings on the Saskatoon multiple listing service® slipped lower again, falling by eighteen units from last week to 1350, to finish slightly lower than levels seen a year ago when 1386 residential listings were for sale. As of this morning, the Saskatoon MLS® shows 806 single-family homes and 470 condominiums displaying the active status. Those two categories are both down on a year-over-year basis from 818 and 486 respectively. It’s starting to look like predictions that Saskatoon was headed for record inventory levels were somewhat overblown, again. Click the image for a larger version of the graph. Cancelled and withdrawn listings slipped lower again to just thirty-one. Twenty-two of those cancelled listings made a same day re-appearance with a new MLS® number, and in most cases, a new price. An additional fifty-eight listings saw a price adjustment over the course of the week. The median sale price of a Saskatoon home climbed nearly sixty-five hundred dollars compared to last week and finished at $299.000. The average selling price moved sharply higher, as a handful of luxury home sales, including one that surpassed the million-dollar mark, skewed the numbers higher. Reaching its highest level since last April, it finished at almost 330K, about twenty three thousand dollars above last week’s number. The six-week average took another upward bump closing just above the $310K mark for the first time in six weeks. It was higher than it was during the same in week in 2010 by just under twelve thousand dollars. The four-week median price slipped lower by about three thousand dollars compared to last week and closed at just under $297,000 for a year-over-year increase of just twenty-eight hundred dollars, the smallest that we’ve seen since late February of this year. Click the image for a larger version of the graph.

Just one lucky seller managed to close a deal for more money than they were asking. That sale closed fifty-one hundred dollars above the asking price. Another eight sellers found a buyer willing to pay all that they were asking, Eighty-two of ninety-one sales required some back and forth work at the negotiating table resulting in an average dollar discount of $11,726. It’s worth noting that one property in area two sold for almost a quarter million dollars below the asking price and skewed the average discount higher than it otherwise would have been. 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.
 

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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