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Saskatoon real estate week in review: June 30 - July 6, 2013

That little run we’d been on reflected in the sales numbers in our last two weekly reviews (highest house and condo sales in over five years) came to an end as the shortened week brought fewer Saskatoon real estate sales. Local agents reported 83 house and condo sales to the multiple listing service® for a weekly drop of 40 units to finish down compared to the same week a year agoby nineteen.


A short work week did nothing to slow the flow of new listings this week. Saskatoon real estate agents wrote 159 brokerage agreements to top the previous week’s production by three, finishing the week ahead of the same period in 2012 by one property listing.


The total number of active listings in the residential category of the Saskatoon MLS® system slipped lower again. This week it fell by 20 units to 1269 to finish ahead of numbers seen at this time last year by 60 homes. It would appear that we have likely passed our peak weeks for new listings and I expect the trend will be downwards for the balance of the year. A search of the MLS® database this morning shows 759 single-family homes available for buyers, up just marginally from 737 a year ago. Condo inventory sits at 432, up close to ten percent from the same point in 2012 when it sat at 397 units.


More sales activity at the lower half of the real estate market brought the weekly median sale price lower than last week’s by eight thousand dollars. It came in at $325,000 this week. The average selling price of a Saskatoon home tumbled a little harder falling to $329,155 to make one of just a handful of appearances this year below the $330K mark. The six-week average price slipped about $700 from last week to $350,090 to finish ahead of the same week last year by about eight thousand dollars. Meanwhile, the four-week median price took it’s first upward swing in six weeks as it gained eight thousand dollars over the previous week to finish at $328,000 for an annual increase of sixteen thousand dollars.


Overbid sales fell from seven last week to just four. Those eager buyers paid an average of $2,544 more than the seller’s asking price to wrap up a deal. Another 15 buyers stepped up with a full price offer to secure the property they wanted to own. The remaining 64 of this week’s 83 firm house and condo sales closed with a below list offer that netted the buyer an average discount of $8,311.


Other MLS® activity this week included 40 cancelled and withdrawn listings, 38 expired listings and 47 price adjustments.


I expect that the next couple of months will still bring some good opportunities for sellers who were slow to get their home on the market over the spring. Demand continues to be strong and rising interest rates are encouraging buyers with locked in rates to move more quickly.


Highlights from the news this week


Canada’s housing market shows signs of life - Financial Post
Buyers are back as Canada’s housing market defies doomsayers - National Post
Canadian housing market defies doomsayers with spring surge - Globe and Mail
Five reasons you don’t have to worry about a housing bubble - Business Insider
Canada’s housing boom pushes one in 10 Canadian families deep in debt - Financial Post
A funny thing happened on the way to the housing crash (it didn’t crash) - Globe and Mail
Douglas Porter: ‘We flatly reject’ sell-Canada narrative- Globe and Mail


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.


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Norm Fisher
Royal LePage Saskatoon Real Estate

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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