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Saskatoon real estate week in review: February 28-March 4, 2011

After two consecutive weeks of declining unit sales the market heated up a notch, despite the frigid temperatures we’ve been seeing. Saskatoon real estate agents reported seventy-three firm deals on houses and condominiums, up seventeen from the previous week, but finishing ahead of the same week last yearby twenty sales.


New listings moved in the same direction with 128 houses and condos being added to the inventory of the Saskatoon MLS® system for a gain of twenty-two properties. For just the second time this year, total new listings came in lower than they did for the same week a year ago when 155 homes were listed for sale.


Click the image for a larger version of the graph.


The total inventory of residential real estate listings continued on its upward trajectory, actually breaking eleven hundred units before a handful of expired listings pushed it back to 1,099 by the close of the week. That represents a gain of two-dozen compared to the close of last week, and nearly two hundred more homes than were available at the same time last year. Today, there are a total of 604 single-family homes and 430 condos displaying an active status. Those numbers are up on a year-over-year basis from 860 and 346 respectively.


Click the image for a larger version of the graph.


Thirty-three MLS® listings were either cancelled or withdrawn this week. Twenty-nine of those immediately returned as a new listing. Another forty-three sellers opted for a simple price change instead.


A slightly higher percentage of deals at the upper end of the value range pushed the weekly median price ahead of last week to $297,000 for a gain of close to thirty thousand dollars. The average selling price of a Saskatoon home moved up roughly fifteen thousand dollars compared to last week to reach $302,243. Still, both of our longer term measures continued to trend lower, both reaching new lows for the year. The six-week average slipped just over a thousand dollars from last week, closing the week at $297,810 roughly ten thousand dollars higher than it was at the same time in 2010. The four-week median slid fifteen hundred dollars on a weekly basis to $285,000 and finished below last year’s level by nearly four thousand dollars.


Click the image for a larger version of the graph.


Overbid activity was as strong as it has been at any time in the last year with roughly ten percent of all completed sales bringing more money than the asking price, by an average of $4,407. Six additional sellers got their price while sixty of seventy-three deals were closed below the asking price by an average of $10,079.


Click the image for a larger version of the chart.


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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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