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Saskatoon real estate week in review: March 28-April 1, 2011

Saskatoon real estate sales lost some steam on a weekly basis but made up some lost ground when compared against the same week last year. Agents reported firm sales on seventy-one detached houses and condominiums, down from eighty-four deals the previous week and ahead of the sixty-five units that traded hands over the same period in 2010.


After two weeks of softer than expected new listing activity, unit numbers spiked as home sellers brought 135 houses and condominiums to the Saskatoon multiple listing service®. That’s two dozen more than were listed the previous week but seven fewer than were offered for sale during the same week last year. New MLS® listings have trailed the previous year’s numbers for four of the past five weeks.


Click the image for a larger version of the graph.


Still, total active MLS® listings (residential) took a gain that was as large as any we’ve seen in recent weeks, in spite of the fact that this week crosses month end, a time at which expiring listings are typically plentiful. The inventory grew by forty-two homes this week to finish at 1215, up from 1054 a year ago for an annual gain of roughly fifteen percent. On a weekly basis, the largest gains were seen in the single-family category, which moved from 669 to 693 while condo inventory edged up from 435 to 446. Those numbers are up from a year ago when single-family home numbers were at 630 and just 372 condos were showing an active status on the Saskatoon MLS®.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings surged higher with forty-three units being removed from the system prior to their expiry date. Twenty-six of those returned the very same day brandishing a new MLS® number and in most cases, a new price. An additional fifty Saskatoon home sellers adjusted their asking price. Twenty-one properties expired following a full listing term without a sale.


Sales activity at the lower end of the market was particularly weak pushing the weekly median sale price higher by nearly $53,000 to $309,900 to reach its highest point in eight weeks. Seven deals that closed for more than a half million dollars pushed the weekly average higher to $321,512 to reach its highest point in nine weeks. The six-week average sale price moved up two thousand dollars over the previous week to $298,087 maintained a year-over-year gain of nearly fourteen thousand dollars. The four-week median climbed by almost seven thousand dollars to $292,000 for an annual gain on about $18,000.


Click the image for a larger version of the graph.


Overbid activity remained steadily weak in comparison to previous spring markets with just four sales registering a price greater than the asking price. However, the average overbid amount nearly tripled from the previous week to $5,462 thanks to a couple of ten thousand dollar overbids on homes priced below $300K. Sixty-six of seventy-one sales required some pencil sharpening on the seller’s side closing at an average on $9,313 below list price for an average discount of 2.8%.


Click the image for a larger version of the chart.


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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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