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Saskatoon real estate week in review for September 29 - October 6, 2018 (edition #605)


It was a solid week for the Saskatoon real estate market. Local REALTORS® reported a total of 77 residential sales to the multiple listing service®. That number is down three from the previous week, and well up from the 61 Saskatoon homes that traded hands over the same period last year.


Meanwhile, the number of new listings processed through the MLS® grew to 171 as a slew of listings met the end of their term and re-entered the system for another go. While listings grew by 20 on a weekly basis, the numbers were substantially lower than they were over the same week last year when 219 Saskatoon homes were offered up for sale.


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The total number of homes offered for sale on the Saskatoon MLS® system continued to fall lower, this week dipping below 1900 for the first time since the middle of May. The final tally, as of this morning was 1898, down 57 from a week ago, and 169 fewer homes than could be found on the system a year ago. We are once again into that “lower than it has been for this week in four years time” area, but only marginally.


Single-family homes inventory has seen the greatest decline. There were 1264 of the available at the close of the same week last year. Today, there are just 1057. Condo inventory is also down. It’s now at 725, down from 735 a year earlier.


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The median sale price of a Saskatoon home was $327,500 for the week. With fewer home sales above the $500,000 mark, and nothing that sold for more than $635K, the average price for the week slipped lower to $316,925. The six-week average price broke a six-week losing streak as it edged up just under a thousand dollars from last week’s close to reach $320,271. That leaves it lower on an annual basis by roughly eighteen thousand dollars. The four-week median price also moved higher as it grew by $2250 from a week earlier and closed the period at $317,250. That’s actually higher than it was at the close of the same week last year when it had taken a wild dive to just $308,500.


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Remarkably, two seller’s put a deal to bed with an overbid, both of them in the five figure range. The buyer’s of those two homes coughed up an extra $15,100 in one case, and $10,100 in the other for an average overbid of $12,600.  Buyers insisted on some give from the seller in 69 of this week’s 77 deals. Those went firm below the seller’s listed price by an average of $13,081.


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.


List


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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The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
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