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Saskatoon real estate week in review: May 17-23, 2015

Another solid week is in the books for the Saskatoon real estate market as residential sales hit 114 units, up 12 from last week to top sales recorded during the same period last year by 16 homes. Meanwhile, the number of new listings added to the Saskatoon multiple listing service® slipped lower. Local agents brought 205 new listing to the MLS® system this week, for a weekly decline of 34 homes. As has been the case for most weeks in this calendar year, we continue to see more new listings flowing on the market than we did during the same week a year ago when 181 Saskatoon homes were added to the system.


Stronger sales and weaker new listings didn’t keep the number of active listings on the Saskatoon MLS® from growing, but the change was small in comparison to what we’ve seen in an average week lately. At the close of business this week, local home buyer could find 2012 homes to choose from, up just 11 from last week, for a year-over-year increase of 469. Today, single-family home numbers reach 1136, up from 938 at this time last year. Condo inventory moves higher to 695 from 478 a year ago. While both of these categories seem like strong numbers, it’s apparent to me that the selection of resale single-family homes is a bit weak. Our resale assessments in recent weeks routinely show a supply of homes in the two to four month range, at the least a balanced market, and in many cases still favouring sellers.


That might explain why prices continue to show some strength, even in the face of inventory numbers which appear high on the surface. This week, a bit more entry level action saw the median price of a Saskatoon home slip lower to $359,750 even while the average price moved up to $376,753. More telling, are the longer term measures, both of which continued to head for higher ground, and in fact, both reaching new highs for the year. The six-week average price takes its sixth consecutive weekly increase as it grows by roughly three thousand dollars on the week to reach $361,199 for an annual increase of 10K. The four-week median price saw its seventh weekly gain as it moves three thousand dollars to $350,000 and also claims a year-over-year increase of ten thousand dollars. Click the image for a larger version of the graph.


Eight lucky sellers found a buyer willing to may more than asking price. Those buyers paid an average of $4,020 more than list price. Another 98 buyers came in under list and settled with the seller netting an average discount of $10,440 while the remaining eight sales resulted in a full price sale. Click the image for a larger version of the chart. 


 Other notable real estate activity this past week included 80 cancelled and withdrawn listings (80 and five respectively), 31 expired listings and 90 price changes.


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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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