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Saskatoon real estate week in review: June 28 - July 4, 2015

Saskatoon real estate sales softened this week slipping by 15 units compared to last week to finish with 96 firm deals, down just three sales when compared against the same week last year. Meanwhile, the number of new listings added to the multiple listing service® slipped lower for the fourth consecutive week after reaching peak weekly numbers just a month ago. Over the past seven days, local REALTORS® brought in 196 new listings, down three from last week but ahead of numbers recorded the same week a year ago when just 167 listings came in.


The biggest news this week is the very first decline that we’ve seen to the inventory of active MLS® listings this year. At the close of business Friday total active listings had fallen to 2028 for a weekly decline of 65 listings, but still sits well up from a year ago when 1515 residential properties were offered for sale on the MLS®. Today we have 1202 active single-family home listings, up from 918 at this time last year. Condominium inventory sits at 622, ahead of last year’s levels by nearly 150. Will this be the turning point for the high inventory levels that the market has been experiencing through the entire year? Listing inventory declines that coincide with the final week of the month are always related to expired listings. The same is true this month as 94 listings that came to the end of their terms without a sale fell out of the totals. We’ll see how many of those expired listings return to the market this week.


Prices slipped lower using every measure we track, thanks in part to strong activity in the lower half of the market. The median price of a Saskatoon home saw the greatest change as it fell from $360,000 to $322,250. The average price also slid significantly coming down to $345,424 from $364,660 last week. Meanwhile, the six-week average price fell almost four thousand dollars from last week to $362,348 and closed about twenty-five hundred dollars lower than it was for the same week last year. The four-week median price slid fifty-one hundred dollars from last week to make its first appearance below 350K in almost two months time. It’s down on an annual basis by the same amount, $5,100.


It was the strongest week we’ve seen in quite some time for overbid sales which hit 15. Those deals closed paying an average bonus of $6,130 to the seller. On the other hand, 77 buyers negotiated a discount averaging $12,887 while the remaining four deals closed at the full asking price.

Other notable real estate activity this past week included 97 cancelled and withdrawn listings (92 and five respectively), 94 expired listings and 73 price changes.


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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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