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Saskatoon real estate week in review: March 14-18, 2011

Saskatoon real estate sales (house and condominiums) saw a slight uptick on a weekly basis, and a larger year-over-year decline, this week. Total unit sales came in at seventy, up three from the previous week, and down ten from reported sales for the same week last year.


New listings moderated some, slipping to 116, down from 125 last week, and finishing well below the 135 properties that were added to the Saskatoon MLS® system during the same period in 2010.


Click the image for a larger version of the graph.


Total active MLS® listings moved higher again this week, just as we would expect at this time of year. As of Saturday morning, we find 1158 properties listed for sale in the residential category of the Saskatoon multiple listing service®. That number represents an increase of just nineteen units from last week, the smallest weekly gain recorded over the past seven weeks. Year-over-year gains continue to get slightly smaller each week. Total listings are now up nineteen percent from last year, at this time. MLS® inventory was up close to thirty percent on a year-over-year basis as 2011 got under way.  Today, buyers will find a selection of 663 houses and 430 condos showing an “active” status. At this time last year, those numbers stood at 555 and 367 respectively.


Click the image for a larger version of the graph.


Listings that were cancelled or withdrawn from the system remained steady at twenty-three. All but eight of those made another appearance on the MLS® system flagged as a new listing on the same day that they exited. Another forty Saskatoon homes sellers changed the asking price on their listing.


Activity remained strong at the lower half of the market as the median sale price of a Saskatoon home slipped nearly nine thousand dollars to $285,350. Still, a handful of sales recorded above the $500,000 mark pushed the weekly average selling price higher to $301,095. Our longer-term price measures both continued to decline. The six-week average selling price saw its fourth consecutive weekly decline as it slipped a little more than two thousand dollars from last week to $294,209 while maintaining an annual gain of less than seven thousand dollars. The four-week median sale price dropped sixty-five hundred dollars from last week to settle at $286,000 for a year-over-year gain of roughly seventy-four hundred dollars.


My early thought on this is that the declines are likely driven by greater activity with entry-level buyers who may have been attempting to beat the rules that saw maximum amortization periods drop by five years, to thirty years. That rule took effect on Friday of this week, so it will be interesting to see where prices trend from here.


Click the image for a larger version of the graph.


Overbid activity was weaker than what we’ve seen in recent weeks with just two sellers reporting a sale above their asking price, by just $1175 on average. Seven sellers managed to bag a full list deal while sixty-one of seventy sellers agreed to a discount averaging just under three percent, or $8992.


Click the image for a larger version of the chart.


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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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