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Saskatoon real estate week in review: January 17-21, 2011

After coming back with a vengeance during the first week of 2011, new listing activity slowed again for the second week in a row as Saskatoon real estate agents brought just ninety-eight single-family home and condominium listings to the local MLS® system. The weekly totals mark a week-over-week decline of fifteen properties, and twenty-five fewer homes than were offered for sale during the same week last year.


MLS® sales activity in the house and condo categories continued to edge higher gaining six over the previous weekto close at forty-eight, up three home sales from the same period last year.


Click the image for a larger version of the graph.


Slightly stronger sales and weaker new listing activity didn’t stop the inventory of residential listings on the multiple listing service® from moving higher for the third consecutive week. Total listings edged up twenty-two from last week to close at 927, or roughly twenty-three percent higher than it was at this time last year when 751 residential properties were available on the Saskatoon MLS® system. On a weekly basis, single-family home listings gained nine and reached 501 while condominium listings pushed higher by thirteen to 376. Last year at this time there were 416 single-family homes and 290 condos showing an active status on our MLS®.


Click the image for a larger version of the graph.


Listing cancellations and withdrawals held steady at fifteen and only five of those were relisted on the same day that the previous MLS number was retired. Another twenty-seven Saskatoon home sellers adjusted their price hoping to attract a motivated buyer.


Strong sales activity in Saskatoon’s area one and very weak activity in areas 3 and 4 pushed the weekly median price for the week almost ten thousand dollars higher to $299,500. All three of our charted price measures headed in the same direction. The average selling price of a Saskatoon home grew by nearly sixteen thousand dollars to $313,565 on a week-over-week basis. The six-week median sale price edged up nearly eight thousand dollars from last week to $311,071 and finished more than thirty-four thousand dollars above the number recorded for the same period in 2010. The four-week median edged up three thousand dollars on the week to $298,000 to finish forty-one thousand dollars higher than it was at this time last year.


Click the image for a larger version of the graph.


Once again, the Saskatoon real estate market saw just a small percentage of home sales with reported final sale prices above the list price. Two sellers managed an above list sale picking up an additional $3,650 on average, while forty-four of forty-eight transactions registered a final sale number below the asking price by an average of $9,834.


Click the image for a larger version of the chart.


New mortgage rules introduced this weekare expected to encourage those seeking a thirty-five year amortization to move on a purchase before the changes that take effect on March 18 make that impossible. Finance minister Jim Flaherty’s ultimate objective is to remove “marginal buyers” from the market, reducing the number of home owners who may suffer financially in a higher interest rate environment when rates eventually rise. The other changes that came down with this package are targeted more at managing the home equity line of credit (HELOC) market. Effective March 18, home owners will be limited to withdrawing equity equaling up to eighty-five percent of the home’s market value. The current rules allow a withdrawal of up to ninety percent. Further, on April 18, CHMC will cease to offer mortgage insurance on HELOC’s.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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.
 

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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