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Saskatoon real estate week in review for November 11-17, 2018 (edition #610)


It was another lacklustre week of sales for the Saskatoon real estate market. By the close of business Friday, just 38 residential sales had been reported to the MLS® system for the week, one fewer than the previous week, and 27 below the numbers that were recorded over the same week last year. This was the sixth consecutive week in which sales fell on an annual basis. As of today, MLS® sales for the city are down about 4.4 percent, year-to-date.


New listing numbers slipped lower by 15 when compared to the previous week, and roughly matched what we saw come on the market over the same period last year. This week’s final tally was 104 Saskatoon homes.


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The inventory of residential properties for sale on the multiple listing service® fell for the eighth week in a row to settle at 1732, which is down from a year earlier by 156 units. It looks like we will close the year with fewer active listings than we have had at the end of the last three years, but it’s still high, given the weakened demand that we’re seeing right now.


A closer look by major housing category shows buyers have 979 single-family homes to choose from. That’s down from 1071 a year ago. There are currently 643 Saskatoon condominiums for sale, 28 fewer than were available at this time last year.


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Price trends get tricky to follow when weekly sales start to drop between 50 units. It’s typical to see larger than normal swings from one week to the next. That certainly happened this week.


More than 25 percent of this week’s sales recorded a sale price above $450,000 and that pushed the average price for the week significantly higher to $360,828. A mix of sales that leaned towards the upper end ushered the weekly median sale price higher to $359,000. Meanwhile, the six week average price jumped seven thousand dollars above last week’s number to close at $335,048. That’s about where it was a year ago. The four-week median price spiked higher by more than sixteen thousand dollars and reached $332,500 to beat last year’s number by seventy five hundred dollars.


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One fortunate seller got a nice holiday bonus as the sale on their home closed at nearly $16,000 more than they had asked when they put up the sign. On the flip side of the negotiating table, 33 buyers wrapped up a deal that provided them with an average discount of $15,462.


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.


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More weekly stats and numbers for those who love them.


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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


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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