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Saskatoon real estate week in review: May 9-13, 2011

Saskatoon real estate sales had another reasonably strong week with a total of eighty-four firm house and condo sales being reported to the local MLS®, a drop of seven compared against last week’s numbers and off just one from the same period a year ago.


Following on the heels of a week that saw a huge spike in the number of new listings brought to the Saskatoon MLS® system, new listings took a downturn again falling forty-five units from the previous week to just one hundred and nineteen houses and condos. That’s thirty-four fewer listings than were offered up for sale during the same week of 2010.


Click the image for a larger version of the graph.


The total inventory of active MLS® listings in the residential category continued to climb, but at a very modest pace, as the number grew by just twelve to 1340 for a year-over-year gain of thirty-seven properties. Of course, the year-over-year gap has been narrowing fairly substantially each week for the past couple of months. Assuming that the pace of new listings over the next couple of weeks is similar to what we’ve experienced in the last four or five weeks, it appears that we will soon be looking at inventory numbers that are actually down from last year. At this point, we’re just six to seven weeks away from the tipping point when inventory usually starts to decline through the balance of the year, making it highly unlikely that we’ll hit anywhere close to record levels as some had been predicting months ago.


Today’s active listings show 786 single-family homes, a gain of twelve from last week for a year-over-year gain of just four units. Condo inventory actually slipped this week, falling by four properties to 486, up from 453 at this same point last year.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings remained steady with thirty-four Saskatoon home sellers pulling their listing from the system. Twenty-two of them apparently changed their minds and re-listed the same day, setting the days on the market clock back to zero, with most coming back at a new lower price. Another fifty-seven sellers opted for a price change.


The entry-level market saw some improvements this week pushing the weekly median price lower by roughly eleven thousand dollars to $301,500. The weekly average price followed, slipping about six thousand dollars to $314,231.  We saw less change in the longer-term averages, but they both moved in the same direction. The six-week average selling price slipped just over a thousand dollars from last week to $315,005, maintaining an annual gain of fifteen thousand dollars. The four-week median slid lower by thirty-five hundred dollars to finish the week at $309,000, for a year-over-year gain of twenty-four thousand dollars.


Click the image for a larger version of the graph.


This week brought some big gains in the percentage of deals that resulted in a bit of overbidding as nine Saskatoon home buyers agreed to close a deal at a price greater than the asking price. The average overbid also saw a large increase to $12,485.  Sixty-eight of this week’s eighty-four deals closed at a price that was below list with an average drop of $9,516 for a discount of roughly three percent.


Click the image for a larger version of the chart.


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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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