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Saskatoon real estate week in review: May 23-27, 2011

The final week of May proved to be a bit of a bust, at least when compared against the first three. Saskatoon real estate agents reported just seventy house and condo sales to the local MLS®, down twenty-eight units from the previous week and falling short of last year’s numbers by three. Still, last week’s sales were strong enough to put month-to-date numbers even with unit sales for all of May 2010. With two days left to report in this calendar month, it looks like the month will finish ahead of last year by ten to fifteen percent.


New listings also slid fairly significantly as just 114 house and condo listings hit the MLS®, declining forty-three from last week to finish just ahead of the same week last year when 109 properties were offered up for sale.


Click the image for a larger version of the graph.


The total inventory of MLS® listings in the residential category grew again picking up twenty-five units to reach 1405, and topping last year’s inventory by just four properties. Today, I see 823 single-family homes and 509 condos listed for sale on the multiple listing service®, almost identical to last year’s number when there were 822 and 503 respectively.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings were about even with the previous week at thirty-nine. Just over half of those made a return appearance as a new listing the same day they were removed. Most of them returned with a lower asking price. An additional forty-nine sellers used a standard price adjustment to sweeten their offering in hopes of closing a deal before the spring rush starts to loose its steam.


An unusually strong burst of activity in lower priced homes drove the weekly median price lower by nearly thirty-five thousand dollars to $276,500.  The average selling price of a Saskatoon home moved in the same direction dropping twenty thousand dollars to $303,679. The longer-term measures held pretty firm.  The six-week average price actually moved higher on a week-over-week basis, gaining just a couple of hundred dollars to finish at $318,995 roughly twenty-three thousand dollars higher than it was at this time last year. The four-week median was down just nine hundred dollars from the week before to $306,000 for a year-over-year gain of twenty-one thousand dollars.


Click the image for a larger version of the graph.


Overbid activity remained weak with just two sellers closing a deal above their asking price, by an average of just $2,600. Another four got their full asking price while sixty-four of seventy firm transactions required a sharper pencil to close the deal. The average dollar discount on those homes that sold below list price was $8,993 or about three percent of the price.


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, TeamFisher

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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