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Saskatoon real estate week in review: March 25-31, 2018

Residential sales continued to fall lower on an annual basis for the eighth consecutive week as Saskatoon real estate agents reported just 56 firm sales to the MLS® system, up from 50 last week, but down from 81 when compared to the same week last year. As the month of March draws to a close, the multiple listing service® shows just 234 sales in our city for the month. There were 310 sales last March.


Fortunately, new listing activity was also quite weak, perhaps an indication that a shortened work week was the primary culprit for both softer sales and listings. Local REALTORS® ushered 130 Saskatoon homes onto the system, down from 152 last week and way below the 200 properties that entered the system over the same period last year.

Even before month-end expired listings would draw MLS® inventory lower, the total number of homes for sale in Saskatoon took a very small dip falling to 1676 this morning, three fewer than we had a week ago, and down from 1854 a year earlier. The majority of the decline can be seen in the single-family housing category which fell from 999 at the close of the same week last year to 898 today. Condo inventory has also slipped lower to a lesser degree. Today there are 682 Saskatoon condos for sale, down 23 units from a year ago.


Sales activity above the $500,000 mark continued to show some weakness this week but one sale that approached the $900,000 mark helped nudge the average sale price of a Saskatoon home higher to $323,736 even as the weekly median price took a small dip to $320,000. Meanwhile, both of our longer-term price measures inched higher. The six-week average grew by roughly $800 from a week earlier to hit $324,466 for an annual decline of $17,000. The four-week median price moved to $317,500 after stalling at $310,000 for three consecutive weeks. It’s up about three thousand dollars from a year ago.


Once again, we see just one overbid sale this week. That deal netted the seller a $100 bonus. On the other hand, 54 of this week’s sales went for less than the asking price with an average discount of $11,692.


Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that those sales that do show a sale price that is greater than the list price are all new properties that spent some period of time on the market, and most likely included additional improvements that were not reflected in the original list price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.


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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.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
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