CONTACT

Saskatoon real estate week in review: March 7-11, 2011

Saskatoon real estate agents reported fewer sales to the multiple listing service® this week than they did the week before. Sixty-seven home sellers wrapped up a firm deal, down just six properties from last week, but up over the same week last yearby thirteen homes.  Sales of condominiums and detached houses have gained ground over the previous year in seven of the last ten weeks.


On the other hand, new listing activity has also shown year-over-year gains, more substantial in numbers, for eight of the last ten weeks. Saskatoon real estate agents brought 125 house and condo listings to the market this week, down just three from last week, but up a dozen when compared against the same period in 2010.


Click the image for a larger version of the graph.


The total inventory of available MLS® listings in the residential category continued to show growth, moving higher by forty properties this week to close at 1139, up from 931 at the same time last year. The annual change represents a year-over-year gain of roughly twenty-two percent, a far smaller annual increase than we had been experiencing over the first two months of this year. As of this morning, there are 643 single-family homes and 431 condominiums showing an active status on the Saskatoon MLS® system, up from 525 and 353 respectively a year ago. Looking back a year further, we see condominium inventory levels that match those of 2009, while the inventory of single-family homes remains below those levels by almost two hundred units, or more than twenty percent.


Click the image for a larger version of the graph.


Just twenty-one listings were cancelled or withdrawn from the system this week. Thirteen of those returned for another go at the market, bearing a new MLS® number and setting the days on the market back to zero. An additional forty-four price changes were processed throughout the week.


The average selling price of a Saskatoon home slipped back below the $300,000 mark, dropping more than twenty thousand dollars from last week to $282,057. Continued strength at the upper end of the market kept the weekly median from moving quite as much. It finished at $294,000 for a decline of just three thousand dollars compared to the week before. The six-week average selling price continued to trend lower slipping just five hundred dollars from the previous week to $296,318 while maintaining an annual gain of seven thousand dollars. At the same time, the four-week median price gained some ground climbing seventy-five hundred dollars above last week’s number to close the week at $292,500 and finishing up on a year-over-year basis by $17,500.


Click the image for a larger version of the graph.


Overbid activity fell short of last week’s peak with just eight of sixty-seven deals closing at a price that was greater than the list price, by an average of $8,800. One thirty thousand dollar overbid on a new home that likely included additional improvements not calculated into the asking price skewed the overbid average higher. An additional four Saskatoon home sellers convinced their buyer to pay them full list while fifty-five buyers managed to grind some dollars off. The average discount amounted to just 2.4% of the asking price, or seven thousand dollars.


Click the image for a larger version of the chart.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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.
 

Subscribe to our Blog

Posts By Date
The Saskatchewan REALTORS® Association (SRA) (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
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.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.
Google Analytics Alternative