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Saskatoon real estate week in review: February 19-25, 2012

Saskatoon real estate sales softened on a week-over-week basis, slipping lower to 76 unit sales (detached houses and condominiums), down from 90 the previous week. Still, home sales for the period finished well ahead of the same week last yearwhen just 56 properties traded.


New listings of Saskatoon homes also slipped lower for the third consecutive week with local agents producing just 103 new offerings, down from 126 the week before, but nearly matching listings taken over the same week in 2010 when 106 homes were offered for sale on the multiple listing service®.


Click the image for a larger version of the graph.


The total number of homes offered for sale on the Saskatoon MLS® continued to climb, but at a slower pace than we might expect at this time of the year. The week closed with a total of 1019 residential listings, up just seven properties from the close of the previous week. Inventory continued to lose ground on an annual basis closing the week lower than it was at the same time last year by 56 properties. Today, there are 576 single-family homes and 354 condos offered for sale on the multiple listing service®. At the same point in 2011, those two categories were at 597 and 418 respectively.


Click the image for a larger version of the graph.


This past week there were just 22 properties that were cancelled or withdrawn from the MLS®. An additional 14 reached the end of their listing term and expired without a sale. Over the course, of the week, 32 home sellers adjusted the asking price of their home.


This week’s sales include a half dozen units that sold above the $500K mark, including one that came close to a million dollars. There was also a large number in the $400,000-500,000 range. Together, those units pushed the weekly average selling price of a Saskatoon home sharply higher to $354,849. The median sale price of a Saskatoon home also jumped by nearly thirty thousand dollars to $334,500. Of course, both of our longer-term measures moved higher this week as well. The six-week average gained almost three thousand dollars reaching $318,283 for an annual gain of nearly 20K. The four-week median price jumped more than ten thousand dollars to $312,000 and finished the week about 25K ahead of the numbers we had seen during the same week a year ago.


Click the image for a larger version of the graph.


Overbid sales were even with last week at seven. Those sellers pocketed an extra $2,028 on average. Another 12 Saskatoon homes were reported to have sold for the full asking price, while 57 of 76 closed transactions came in below the seller’s asking price by an average of $9,659.


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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