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Saskatoon real estate: Week in review (March 30–April 3, 2009)

Saskatoon real estate agents added one hundred and forty homes to the MLS database this week including eighty-five single-family detached houses and fifty-five condominiums. New listing activity increased by twenty-seven units compared to the previous week, but total numbers continued to lag behind those seen last yearwhen one hundred and eighty-five homes were offered for sale. Total active listings slid to 1,399 units by the close of business Friday when eight hundred and fifty-nine houses and four hundred and fifty-three condos showed an active status on the Saskatoon MLS.


Home sales increased again for the third week in a row as seventy-four firm deals on Saskatoon houses and condos were reported, up about sixteen perfect from sixty-four properties last week, and down roughly twenty percent from the ninety-two homes sold during the same week in 2008. Two of last year’s weaker spring sales weeks lie directly ahead of us bringing some hope that an “up over last year” week for unit sales may actually be realistic and attainable.


On the surface there isn’t much apparent change on our price history graph as the numbers held fairly steady in each of the three pricing categories. This is somewhat remarkable given that two large sales are included in the mix this week, with a combined value of $2,130,000. When just two sales account for ten percent of the week’s total sales volume one might expect to see a bit of a spike on the graph, but these extraordinary sales simply kept us steady as one-third of all residential sales occurred below the $200K mark this week. The weekly average sale price came in at $273,638, down from $275,978 last week. The six-week average dipped to $267,001 from $268,575 the week before and substantially widened its year-over-year decline to nearly twenty two thousand dollars. The four-week median managed a bump to $260,000, up one thousand dollars from last week, and down twenty thousand dollars from the same week in 2008.


The average underbid remained steady compared to the previous week ($11,907 to $12,180 or 4.3 percent of asking price), but the overall look of the graph did change as the transactions closed within ten-thousand dollars of the asking price (seventy-two percent) took the largest share we’ve seen since we started to track these numbers. Naturally, all four of the higher discount categories took a decline.


Interestingly, six of seventy-four sales this week did report a sale price, which exceeded the asking price by an average of $2,250. That’s the highest number of overbid home sales and the largest percentage recorded since the week of July 14-18of 2008 when seven of seventy-one unit sales sold above their asking price.


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.


Follow our daily updates on Twitter @Norm_Fisher.


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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