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Saskatoon real estate week in review: August 31 - September 6, 2014


Following three consecutive weeks of sales increases the Saskatoon residential real estate market took a slide as the number of houses and condominiums changing hands hit their lowest levels since mid-March of this year. Local agents reported a total of 68 firm deals to the Saskatoon multiple listing service®, down 32 from the previous week, and just one more than had been reported during the same week of last year.


The number of new MLS® listings added this weekgrew by 13 when compared against the previous week. Saskatoon real estate agents processed listings on 166 houses and condos, about a dozen more than we saw come on over the same period a year ago. As is typical most months, the final week usually sees a fairly high number of listings expire as they come to the end of their term without a sale. A pretty good handful of those get re-listed and push the new listing numbers higher.


There were enough listings that expired and didn’t come back on the market, at least not yet, to bring the total number of residential properties available for sale lower this week. Inventory fell by 30 homes from last week’s close to settle at 1553 to finish higher than it was at this time last year by 211 homes. Single-family inventory slipped back below the 1000 mark after reaching new annual highs over the past couple of weeks. Today, there are 984 houses showing an active status within the city of Saskatoon, up from 840 a year ago. Condo selection sits at 442 for an annual increase of 30 homes.


Strong activity at the upper end of the Saskatoon real estate market kept the week’s price measures high. The average price, supported by a good handful of sales above $500K and one deal that wrapped up at close to a million dollars, came in about where it was last week at $360,226. Meanwhile, the median price paid for a Saskatoon home rose about fourteen thousand dollars to $356,450. Looking to the longer term measures, we see the six-week average price of a Saskatoon home edging lower, down just a few hundred from last week to $357,612 for an annual gain of about 22K. The four-week median price increased by fifty-five hundred over last week and closed at $337,500 to claim a slight increase (two thousand dollars) over where it sat a year ago.


Overbid activity continued to cool but those that were into it came on strong. Just two sales closed higher than the seller’s asking price, one of those at $26,000 above, to produce an average overbid of $15,550. On the flip side, 61 buyers managed to grind out a deal that provided a discount averaging $10,485. Another five buyers offered to pay full price.


Other notable real estate activity this past week included 67 cancelled and withdrawn listings (62 and 5 respectively), 73 expired listings and 62 price changes.

Highlights from the news this week

High number of homes for sale in Saskatoon - Star Phoenix
Why the Bank of Canada will keep rates low - Canadian Real Estate Association
Why real estate gains in Canada aren’t as healthy as they seem - Financial Post
House prices in Canada’s major cities setting hot pace, but for how long?- Globe and Mail


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.
 

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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