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Saskatoon real estate week in review: January 31 - February 6, 2016


The number of Saskatoon homes that traded through the multiple listings service® grew again, though very modestly, for the sixth consecutive week. Saskatoon real estate agents brought 56 firm deals to the MLS®, up three from the previous week, to fall just one sale short of the total recorded for the same week last year.


New listings added to the MLS® saw strong weekly growth as it often does during the first week of the month when many of the listings that had expired at the previous month end come back to the market for another run. This past week, 177 residential properties were placed onto the system, for a weekly increase of 21 homes, and an annual gain of just one. So far this year, the number of new listings added to the MLS® has fallen short of last year’s numbers by about 45.


The number of homes available to Saskatoon home buyers took an unusual but very small downturn this week as the total residential inventory slipped to 1619. That’s down just five units from the close of last week, certainly nothing to write home about, but compared against the unrelenting and consistent growth of inventory at this time last year it may provide a small bit of hope for sellers who are feeling the toughness of this market. Next week’s activity will almost certainly put that to rest. In any case, today’s levels are up just 150 homes from the same time last year. That’s the smallest year-over-year increase in well over a year. Today, buyers can find 883 single-family homes showing an active status on the system, up from 817 a year ago. Condo inventory sits at 576 for a larger annual increase of 81 homes.


More entry level activity ushered the median sale price of a Saskatoon home down by 30K to $324,500 this week while the average sale price moved in the same direction, though far more modestly. It slid lower by eighty-five hundred dollars to settle at $344,980. The six-week average price took a four thousand dollar drop from last week as it slipped to $349,542 to find itself down about nine thousand dollars from where it sat a year ago. Meanwhile, the four-week median price fell lower by three thousand dollars on the week to $335,000 finishing down just over a thousand dollars from levels recorded at the end of the same week a year ago.


Sellers found little love this week as absolutely no scenarios were created under which a buyer felt compelled to pay more than list. Two oliging buyers did pay full asking price. On the other side of the negotiating table, 54 buyers broke away with a discount averaging $14,124. This week’s discount numbers were skewed a bit by an area 4 property that took a $100,000 haircut to close a deal. Apparently, the property was discovered to have environmental contaminants that led to a final assessment well below the asking price.


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.
 

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