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Saskatoon real estate week in review: May 24-30, 2015

Any week above 100 sales has got to be considered strong at this point, and this week Saskatoon real estate agents counted 105 firm residential sales by the close of business Friday, down nine from last week’s numbers falling short of sales recorded during the same week a year ago, also by nine. The number of new residential listings added to the MLS® increased from 205 last week to 233 trumping the number added during the same period last year by a whopping 55 units.


Still, a large number of cancelled listings and a pretty good handful of properties that expired without a sale this week kept the total number of active listing on the Saskatoon multiple listing service® in check. Those numbers grew marginally to 2023 from 2012 a week ago to finish higher from a year ago by 471 homes. The year-over-year increase is getting slightly smaller each week. At this point, I can’t help but feel that we have seen the worst of our inventory spike for 2015. This is about the time when levels typically come to their peak and the slower growth in recent weeks is leading me to believe that we may be there, or very close to our peak numbers for the year. 283 properties are set to expire from the MLS® in the next seven days. While a good handful of those are likely to return to the system almost immediately, some of those sellers will certainly see the spring market as being behind them and either change their move plans or put a tenant in the property. Of course, I can’t be sure but I think this is our peak week. Taking a closer look by category, buyers have 1153 single-family homes and 682 condos to choose from today.


Housing sales activity by price range looked similar to last week as the median price of a Saskatoon home hardly changed. It slipped just a couple of thousand dollars to $358,000. The average price took a larger drop falling more than 10K to $365,334. Meanwhile, the six-week average price took its first decline in seven weeks as it slipped lower by about three thousand dollars to finish the week at $358,218  recording an annual increase of just three thousand dollars. The four-week median price took its eight consecutive weekly increase, this time growing by 8K on the week to settle at $358,000 for an annual increase of eighteen thousand dollars. Click the image for a larger version of the graph.


This week’s sales activity found eight lucky sellers completing a deal above their asking price with an average bonus of $29,005 being paid. This is especially remarkable because of one sale, a house on 8th Street that sold for $181,500 more than the asking price, an overbid like I’ve never seen before. Wow! This was a residential property, zoned M1. It was presented to the market with a "delayed presentation of offers" strategy and was likely intentionally priced below market value to create greater interest. On the flip side of the negotiating table, 89 sellers accepted offers below their asking price by an average of $11,003. Another eight sales closed at asking price.


Other notable real estate activity this past week included 89 cancelled and withdrawn listings (82 and seven respectively), 25 expired listings and 80 price changes.


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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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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