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Saskatoon real estate week in review for April 27 - May 3, 2019 (edition #634)

It was another solid week for the Saskatoon real estate market as sales activity reached a new annual peak. Local agents reported 98 residential sales to the MLS® this week, an increase of five compared to the previous period.  Sales were up from the same week last year by 13. This was the fourth consecutive week in which sales were higher on an annual basis. This streak of strong activity resulted in a 14% year-over-year increase in unit sales for April within the city and an 18% annual increase in the greater Saskatoon region.


New listing activity also grew as nearly 40 more Saskatoon homes hit the market compared to the previous week. Those numbers still fell well short of last year’s which saw 211 listings come to the system.


Sales


A week of robust sales activity combined with a typical number of expired listings that tend to come with the turning of the calendar, brought inventory numbers lower for the second week in a row. As of this morning, Saskatoon home buyers could find 1739 residential properties showing an active status on the multiple listing service®. That’s down from 1763 a week ago. At the close of the same week last year there were 1793 Saskatoon homes for sale.


Single-family homes numbers slipped lower to 954 which is about even with last year’s total. Condominium inventory declined by ten on a weekly basis to start the new week at 681 for an annual drop of 58 units.


Active


Following a couple of weeks of sales activity that was dominated by upper end activity, first time buyers showed up in a big way to offer on entry level product. With 38 sales reporting a sale price below the quarter million dollar mark, both the weekly median sale price and the weekly average plunged lower to $285,950 and $315,586 respectively.


Meanwhile, the six-week average price edged up about a thousand bucks from last week to reach $335,190. That’s roughly two thousand dollars lower than it was at the close of the same week last year. The four-week median price fell five thousand dollars on the week to settle at $328,250 to remain higher on an annual basis by $13,250.


Prices


Three sales were reported to have sold above the asking price this past week. Those deals averaged an overbid of just seven hundred dollars. Another 87 sales went below the seller’s asking price netting the buyers an average discount of $12,599.


Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.


MLS list


More weekly stats and numbers for those who love them.


General


Thank-you for reading TeamFisher’s Saskatoon Real Estate Week in Review.


I’m always happy to answer your Saskatoon real estate questions.  Please feel free to call or text me at 306-241-6676 or reach me by email at norm at teamfisher dot com.


Norm Fisher

Royal LePage Vidorra

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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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