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Saskatoon real estate week in review: February 26 - March 3, 2017


It was a busy week for Saskatoon real estate agents. Residential sales reached their highest point since late October of last year as agents reported 75 firm deals to the multiple listing service® for a weekly increase of 23 properties. Sales were also well up from the same week last year when just 54 deals firmed up. New listings also came on strong as they often do during the first week of the month when listings that met the end of their term without a sale the previous week rush back on the market for another go. Total new listings came in at 243, which is up nearly one hundred units from the week before, but down by 11 compared to the same period last year.



Saskatoon residential MLS ® sales and new listings for the week of February 26 - March 3, 2017



The inventory of Saskatoon homes for sale on the MLS® system inched higher this week as it grew by just 17 units from a week ago to reach 1738. At the close of the same week last year there were 1811 active residential listings on the system. This is the fourth consecutive week that active listings have come in below levels recorded the previous year. This fourth annual decline produced the largest year-over-year drop since late October of last year. As of this morning, there are 897 single-family homes for sale on the multiple listing service®. That’s up three from a week earlier, and down 40 from last year. Condo inventory is at 690 today, up seven from last week and down twelve on an annual basis.



Active residential listings on the Saskatoon MLS® at March 3, 2017



Following a few weeks during which entry-level buyers dominated the sales activity, upper-end home buyers showed up this week and drove all of our price measures higher. First, the weekly median grew by nearly 60K to hit $373,000 while the weekly average picked up about 30K as it soared to $371,452 thanks to 13 sales that produced a sale price of $500,000 or more. The six-week average price edged higher and grew by about four thousand dollars from the close of the previous week. That brought it to $343,807 which is up eighty-five hundred dollars from a year earlier. The four-week median price grew 10K to hit $326,000  for an annual increase of six thousand dollars.



Average and median prices for Saskatoon homes sold through the MLS® from February 26 - March 3, 2017


Historical six-week average price of Saskatoon homes sold through the MLS® from February 26 - March 3, 2017


Historical four-week median price of Saskatoon homes sold through the MLS for the week of February 26 - March 3, 2017



Once again, sellers were shut out of overbidding situations, even as some listings generated multiple offers. There were eight deals reported to have sold at the asking price. Meanwhile, 67 Saskatoon home buyers ground themselves a discount that averaged $13,708. The largest discount this week was recorded on a Rosewood area bi-level that sold for $85,000 below list price after more than seven months on the market.



Saskatoon real estate statistics for residential MLS® sales from February 26 - March 3, 2017



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.
 

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