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Saskatoon real estate week in review: May 1-7, 2016


A big week for expired listings (123) led to a huge week for new listingsas Saskatoon real estate agents brought 238 listings to the system, many of them returning for another go after at least one failed attempt. That amounted to an increase of 18 over last week but was down 13 units from the same week a year ago. Residential sales fell lower to 85, down 17 from the previous week for a shortfall of 11 when compared to the same period last year.


The inventory of active MLS® listings took a solid jump higher as it grew by almost 70 units this week and reached its highest point for the year at 1992, a level not seen since late October of last year. Still, that’s up just 28 listings from where the inventory sat a year ago. It’s too early to tell at what levels it might peak this year, but from month-to-month, the annual gains are falling and if the current trend continues for just one more month, we should be reported year-over-declines for the first time in three years. The number of single-family homes that are offered for sale on the multiple listing service® has slipped below that line and stayed there for several weeks now. At this time, there are 1079 active listings in the category, down just slightly from 1097 a year ago. Meanwhile, condo inventory grew to 746, up from 682 at this time last year.


In spite of two mobile home sales that didn’t amount to $50,000 between them, the weekly average sale price of a Saskatoon home moved higher to $353,898 due to very solid sales activity for Saskatoon homes priced above $500,000. That, of course, also lead to some strong growth in the weekly median price which finished at $329,900. The six-week average price took some weekly gains as it grew by about four thousand dollars to finish the week at $345,489 for an annual loss approaching eight thousand dollars. The four-week median price grew by one thousand dollars compared to last week and closed out at $332,000 to fall short of last year’s number by 13K.


Full list price sales fell hard from 18 last week to just seven while just three sellers found a buyer who made an offer above the asking price. The average overbid came in at $9,933 which was skewed hard by a single sale in the Varsity View area which went $28,200 over the asking price. It appears to have been intentionally priced aggressively to generate multiple offers at an appointed time. The remaining 75 homes that sold last week went for less than the list price generating an average discount of $12,082 for the buyer.


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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