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Saskatoon real estate week in review: January 3-7, 2011

Happy New Year!


The first week of 2011 produced weak sales in the Saskatoon real estate market, as expected. Generally, this week’s completed sales would be a reflection of homes that went under contract during the final week of December when few buyers are actually out making purchase decisions. Over the course of the week twenty-four firm sales were reported to the MLS®, a drop from thirty the week before and just one less than we saw during the same week last year.


New listingscame back with a vengeance following a flood of expired listings at the end of December. Hoping to get a jump on the spring market, 123 Saskatoon home sellers offered a house or a condominium for sale on the multiple listing service®, up from twenty-one last week and considerably higher than the seventy-five homes listed during the first week of 2010.


Click the image for a larger version of the graph.


The inventory of active residential listing on the Saskatoon MLS® pushed higher by seventy units this week to reach 858, a gain of seventy properties for the week. Inventory levels start the year up nearly 200 units, or close to thirty percent on a year-over-year basis. As of this morning, there are 467 single-family homes and 341 condominiums showing an active status on the MLS®, up from 388 and 235 respectively from the same point in 2010.


Click the image for a larger version of the graph.


Listing cancellation and withdrawal activity started to increase again as fifteen Saskatoon homes sellers removed their property from the system. Twelve immediately returned sporting a new MLS® number. An additional ten sellers offered a price adjustment on their property.


A good deal of this week’s activity occurred at the upper end of the market so the weekly median spiked higher by roughly thirty-five thousand dollars to reach $315K. The average selling price of a Saskatoon home moved up to $306,983 but the low number of sales included in the average didn’t prevent the six-week average from turning lower. It finished the week at $304,994 losing roughly two thousand dollars compared to last week and gaining just twelve thousand dollars compared to the same week a year ago. The four-week median bounced back to $294,500 to pick up nearly $15K on the week and more than $24K on a year-over-year basis.


Click the image for a larger version of the graph.


Another soft week on the sales front brought us the first week in a long time without a single overbid sale. One Saskatoon seller managed to get their full asking price while twenty-three of twenty-four sales came in with a sale price below the published list price, by an average of $13,362 or a roughly 3.7% discount off of the asking price.


Click the image for a larger version of the chart.


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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