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Saskatoon real estate week in review: December 14-20, 2014

Saskatoon real estate agents kept unusually busy this week, given that Christmas is almost upon us. A total of 67 residential sales were reported to the multiple listing service® this week, up 26 from last week, and up 23 on an annual basis.


The number of new listings added to the MLS® kept a strong pace as well, with 80 Saskatoon homes being added to the database, up just three from last week and ahead of numbers posted during the same week last year by 18.



The MLS® inventory of active listings continued to fall as pre-Christmas expired listings fell out of the system. By week’s end, the total number of Saskatoon homes available to buyers had slipped to 1298, down from last week by 53 properties, but still ahead of levels recorded a year ago when just 1158 active residential listings could be found. With another 147 listings set to expire between now and the end of the year, it’s looking like annual gains in active listings will be considerably smaller by year end than they have been for months.


Today, single-family homes inventory sits at 764, up from 707 during the same week last year. Condo listings are at 393, up from 351 a year ago.


This week’s sales were largely driven by entry level product.  Consequently, the average sale price of a Saskatoon home fell sharply to just $332,943 to hit its lowest point since April, in spite of the fact that a $1.2 million sale was included in the mis this week. The median fell even more to just $279,000. The six-week average price edged lower by three thousand dollars from last week to $358,178 to claim an annual gain of about 16K. Meanwhile, the four-week median slipped to its lowest point in nine weeks, $339,000. That’s a $10,000 drop for last week, just thirteen thousand dollars ahead of where it was a year ago.


Late December almost always presents the most favourable conditions for buyers, as the market quietens considerably and sellers get a bit antsy. Buyers had their way this week at the negotiating table as sellers showed some motivation to wrap up a deal for Christmas. 56 of 67 sales closed below the seller’s asking price with an average discount of $12,637. Another ten buyers paid the full asking price for the home they bought. Just one seller bagged a deal above their asking price scoring a $6,000 bonus.


Other notable real estate activity this past week included 28 cancelled and withdrawn listings (23 and five respectively), 43 expired listings and 21 price changes.


A map displaying the boundaries of Saskatoon real estate areas is here.


An overview of data collection and calculation practices for our statistical reports is here.


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 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.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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