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Saskatoon real estate week in review: January 4-8 2010

The new year started with a bit of a thud, as Saskatoon home sale numbers continued to look a lot like Christmas. A total of twenty-five houses and condominiums were reported sold by local real estate agents, matching last week’s numbers, but well behind the forty-one homes that traded during the same week last year. It was the first time since the week of September 25that sales were down, year-over-year.


Listing activity picked up from the previous week, but like unit sales, finished well below the levels recorded the previous year. Seventy-five new listings were offered for sale on the Saskatoon MLS system, a huge jump from just thirteen last week, but way below the one hundred and thirty-four homes listed for sale during the first week of 2009. Those single dots at the left hand side of the graphs represent this week's activity. By next week, it we'll have lines again, albeit short ones.


Following twelve consecutive weeks of declines, active listing inventory of Saskatoon homesheaded for higher ground moving from just 619 properties at the close of the previous week to a total of 665, down from 1,188 for the first week of 2009. Single-family homes for sale moved from 353 on January 1 to 388 by today. Condo inventory edged up from 220 to 235 over the course of the past week. Historically, the inventory typically remains fairly steady over the next three to six weeks before it starts to climb again as warmer weather sets in.



The old cancel and re-list game started up again as a total of twelve sellers said goodbye to their assigned MLS number, and nine opted for a new one. Eleven sellers adjusted their asking price, all in a downward direction.


The average selling price of a Saskatoon home continued to show some softness as condos captured a near fifty percent share of sales and buyers above to $500K mark remained absent from the action. The weekly average fell to $258,782, making it one of a half-dozen low points in the past twelve months.  It finished nearly ten thousand dollars lower than last week, and twenty-six thousand dollars below the same week in 2009. The six-week average moved up to $292,932, a gain of just one thousand dollars over the previous week, but nearly twenty-five thousand dollars higher than it was at this time last year. The four-week median fell nearly seven thousand dollars on a week-over-week basis, but continued to show year-over-year gains of roughly ten thousand dollars.


Click the image for a larger version of the graph.


The average underbid fell again to $8,182; it’s lowest point in months in real dollars. The average discount, as a percentage of the asking price remained steady at 3.1 percent.



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.


Real estate geeks can follow our daily updates on Twitter @norm_fisher.


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Norm Fisher
Royal LePage Vidorra

Norm Fisher, TeamFisher

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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