CONTACT

Saskatoon real estate week in review: May 30 – June 3, 2011

If last week was a bust, this week was a boom. Saskatoon real estate agents reported 120 firm house and condo sales to the local MLS® this week to record the largest volume sales week since the last week of June in 2007. This week’s sales are up fifty units over last week and are higher by almost as much when compared against the same week last year. Looking at average sales over the past two weeks things look more or less “normal” for the season, and normal feels good to most in the business. Agents are busy, buyers have a decent selection of good homes to choose from and sellers have a reasonable chance of selling if they have a sound pricing and marketing strategy.


As sales spiked higher, new listings of Saskatoon houses and condominiums followed with a total of 152 properties being added to the inventory. The total number consisted of 103 single-family homes and forty-nine condos. Overall, new listings were up by thirty-eight units from last week and ahead of the same week in 2010 by a dozen.


Click the image for a larger version of the graph.


Nearly fifty expired listings that came off the system at the end of May kept the total inventory of MLS® listings in the residential category from climbing, in spite of the fact that new listings exceeded sales by some thirty-two units. Total active listings actually slipped by twelve from the close of the previous week to 1393, about on par with the number of Saskatoon homes that were available at the same time last year (1401). Today, we have 797 houses and 516 condos displaying an active status on the multiple listing service®. Again, those numbers are virtually unchanged when compared against numbers from this time last year when they stood at 814 and 512 respectively.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings came in at forty-five. Twenty-nine of those listings reappeared on the system as a “new listing,” the same day they were removed. An additional forty-nine Saskatoon home sellers adjusted their pricing strategy, most opting for a lower price.


The median selling price of a Saskatoon home bounced back this week climbing nearly fifteen thousand dollars from last week to $292,250. Of course, the average selling price followed in the same direction claiming a ten thousand dollar gain to finish the week at $313,465. Some upward skewing can be seen in the average. This week saw two sales at the extreme upper end of our market range, one at $825K and the other at slightly more than $1.1 million. In spite of higher prices for the week, both of the longer-term price measures took a bit of a dip. The six-week average price dropped just eight hundred dollars to $318,222 for an annual gain of eighteen thousand dollars. The four-week median slipped further dropping eleven thousand dollars on the week to $295,000 and finishing ahead of last year by just six thousand dollars.


Click the image for a larger version of the graph.


Overbid activity increased as nine lucky sellers bagged a deal for more than their asking price, by an average of $4,622. Another eleven found a buyer willing to pay their full list price. 100 of 120 sales reported a price that was below the asking price by an average of $9,054 or roughly 2.9 percent.


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, 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.
 

Posts By Date
The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.
Google Analytics Alternative