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Saskatoon real estate week in review: March 6-12, 2016


The Saskatoon real estate market saw residential sales rebound this week as local agents reported 72 firm home sales to the Saskatoon multiple listing service®, up from 50 last week, to record an annual increase for the first time in 8 weeks. Looking back to the same period last year, there were 70 reported sales. The number of new listings added to the MLS® fell lower at the same time. Saskatoon real estate agents brought 163 listing to the system, well below the 243 listed last week. That number also fell short of last year’s numbers when 195 new listings hit the system.


The inventory of available MLS® listings continued to gain ground as it grew to 1832, up just 21 from last week’s close for an annual increase of 180 Saskatoon homes. There are currently 955 single-family dwellings showing an “active” status on the MLS, up from 887 at this time last year. Available condos sit at 708 for a year-over-year increase of 137 units.


With far fewer sales below the $200,000 mark, both the weekly average sale price and the weekly median made large gains as the former grew to $338,829 and the latter picked up even more to close the week at $334,950. The six-week average price continued to slide lower for the fourth consecutive week as it slid just a couple of thousand dollars from last week to settle at $333,162 for an annual loss of $19,000. This is about where it was at the close of the same week in 2013, which seems to validate the current MLS® Home Price Index numbers that suggest home prices are about level with where they were 36 months ago. Meanwhile, the four-week median price managed to make some gains as it grew by five thousand dollars from last week’s close to reach $325,000 which is down just five thousand dollars from where it was a year ago.


As you can see, I’ve created a couple of new charts for the week in review that will allow us to take a deeper look at the four-week median and the six-week average over a longer period of time.


Nine lucky sellers managed to wrap up a deal at their asking price this week. None did better than list, despite industry chatter of multiple offers on good houses priced in the sweet spot ($300,000-$400,000). One optimistic seller brought back the old “delayed presentation of offers” game this week and hopes to open a number of competing offers on March 15 at 4:00 pm. It’ll be interesting to see how that ends up. On the other side of the negotiating table, 63 buyers ground themselves a deal netting an average discount of $11,873.


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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