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Saskatoon real estate week in review: March 13-19, 2016


Home sales slipped marginally on a weekly and an annual basis but were strong enough to give home sellers hope that a spring market is just around the corner. Saskatoon real estate agents reported 69 firm residential deals to the local MLS®. That’s a drop of three unit sales from last week, and also down three from the same period a year ago.


New listings grew a bit as 177 Saskatoon homes hit the multiple listing service® for a week-over-week increase of eight homes to fall well short of numbers generated during the same period last year when 204 new listings were added to the system.


Available MLS® inventory continued to grow, in spite of the decline in new listings, even during a week that saw 39 listings expire. Today we have 1866 Saskatoon homes showing as “active” on the multiple listing service®, up from 1832 a week ago for an annual increase of 158 homes, which is, by the way, the smallest year-over-year increase to the inventory in well over a year. Today, buyers have a selection of 971 single-family home available to them, up from 955 last week, for annual change of just 49 units. Condo inventory sits at 718, up 10 from a week ago, for an annual increase of 137 properties.


A very solid sales week for homes priced above $500K, including two sales in the $800,000’s and one at nearly $1.2 million pushed the weekly median price to its annual high of $361,500. The weekly average made a similar growth claim as it reached $387,519. These gains were enough to break a losing streak to the six-week average price which has persisted for four consecutive week. It moved higher to $344,197 but still finished below numbers recorded over the same period last year with an annual loss of about sixty-five hundred dollars. The four-week median price continued to grow for the second week in a row and reached $332,000 for a weekly increase of seven thousand dollars. That’s about where it was at this time last year.


The biggest changes occurred in negotiations where sellers recorded their best week this year as six lucky sellers bagged a deal above their asking price with a handsome bonus averaging $8,234. The largest overbid occurred on a River Heights four-level split which, as I mentioned last week was up for offers at a specified time. In that particular case, by the time the offers were in the deal closed $30K above the $320,000 asking price, which was arguably low for a 1400 square foot home in that area of the city. Another nine sellers found a buyer willing to pay them their full asking price while the 55 remaining deals closed below the list price netting the buyers an average discount of $12,858.


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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