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Saskatoon real estate week in review: August 24-30, 2014


At a time of the year when sales declines are typically expected, Saskatoon real estate agents reported a growing number of houses and condos changing hands for the third consecutive week. This week, we hit the triple digit mark again as 100 condos and houses were reported sold to the Saskatoon multiple listing service®, up seven from the previous week to eclipse sales for the same period last year by 11 homes.


New listings continue to bounce up and down, as the number of listings added to the MLS® system slipped by 48 compared to last week and fell to just 153, about even with the number added during the same week of 2013.


After growing slowly but steadily for two months straight and managing to get above the 1600 mark over the past week, the total number of active listings on the Saskatoon MLS® took a dip to settle at 1583 today, down 15 from last week’s close, up 227 units from where we sat a year ago. Today’s totals by category show exactly 1,000 single family homes being available to buyers, up from 835 on this date last last year. Condo inventory is currently at 448 units, up from 415 a year ago. Nearly 60 listings are set to expire over the long weekend. Assuming that the majority of those don’t step forward for another run at the market we should see a larger decline in inventory numbers next week.


A slightly larger percentage of higher end home buyers pushed the median price of a Saskatoon home higher this week to $342,500. A single sale that broke $1.3 million bolstered the weekly average price too as it surged higher by more than 20K to reach $359,764. That was enough to push the six-week average price paid for a Saskatoon home up more than four thousand dollars compared to the previous week. It closed at $358,311 for an annual increase of nineteen thousand dollars. The four-week median inched lower dropping thirty-five hundred in a week to settle at $332,000 and reached its lowest point since February, actually down about five thousand dollars from the close of the same week last year.


The activity in the overbid arena looked much like last week as just three sellers bagged an offer above their asking price. The average overbid came in near the two thousand dollar mark. On the other side of the negotiating table, 85 buyers made off with a discount averaging $9,281. Another 12 Saskatoon home sales closed at the full asking price.


Other notable real estate activity this past week included 70 cancelled and withdrawn listings (50 and 20 respectively), nine expired listings and 68 price changes.

Highlights from the news this week

Canadian banks ‘feel good’ about prospects for mortgage business - Globe and Mail
Fears of overheating drive Canadian builders to look south - Financial Post
House prices keep rising but are more affordable due to cheaper debt- Financial Post


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 Saskatoon Real Estate

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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