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Saskatoon real estate week in review: May 18-24, 2014

Saskatoon home sales slipped lower on a weekly basis while continuing to show annual gains for the fifth consecutive week. Saskatoon real estate agents brought 98 house and condo sales to the local MLS®, lower than the previous week by 18 units but up on sales reported the same week last year by 13.


The number of new listingsadded to the multiple listing service® database also fell this week, much more sharply than sales. Agents brought 181 new listings to the system, 60 fewer properties than were listed last week but well ahead of the same period of 2013 when 158 Saskatoon homes were offered for sale.


The total number of residential listings showing as “for sale” on the Saskatoon multiple listing service® rose again, as it has in all but four weeks this year. Active listings jumped to 1543 for a weekly gain of 37 homes to close ahead of levels recorded a year ago when just 1219 properties could be found on the system. Today’s totals show 938 single-family homes, up from 733 a year ago. Condo inventory has risen by 86 units over the same period of time and sits at 478 today.


The average sale price of a Saskatoon home took a pretty solid slide for the fourth week in a row falling more than 10K to $344,349.  This was largely due to more activity on entry level homes which also ushered the weekly median lower by roughly nine thousand dollars to $332,675. Both of our longer term measures hardly moved from the previous week. The six-week average price inched up just a few hundred dollars to $351,139 for an annual increase of less than two thousand dollars. The four-week median moved higher by just one hundred dollars for the week to close lower than it was at this time last year by nearly four thousand dollars.


Overbid sales fell from ten last week to just four. Those deals closed at an average of $12,950 more than the asking price, mostly due to one crazy overbid of more than 50K, numbers we haven’t seen in a long time. Eight more buyers closed a deal at the full asking price while 86 of this week’s closed deals went below asking price with an average discount of $7,928.


Other notable activity through the Saskatoon multiple listing service® included 49 cancelled and withdrawn listings, 9 expired listings and 53 price changes.

Highlights from the news this week

Canada’s housing bubble fears due to ‘wildly inaccurate estimates’: economist - Yahoo Finance

The renter’s guide to successful investing - Globe and Mail

Slowdown, but no housing collapse: CMHC - CTV News

CMHC probes how bank of mom and dad may be skewing the real estate market - The Star

Carney shrugs off worries about Canada’s housing market - Globe and Mail


A map displaying the boundaries of Saskatoon real estate areas is here. An overview of data collection and calculation practices for our statistical reports is here.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.

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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