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Saskatoon real estate week in review: November 11-17, 2012

Saskatoon real estate sales continued to trend lower as is typical at this time of year. Home sales slowed to see just 63 houses and condos trade through the Saskatoon multiple listing service®, down six from the previous week to handily beat sales for the same period a year ago by 13.  New listings followed along and slipped to their lowest point for any week this year as just 80 propertied were added to the MLS® system. That number is lower than last week by 19 but ahead of the same week last year when just 73 homes were brought to the market.


At the same time, the  inventory of Saskatoon MLS® listings in the residential category continued to lighten modestly as it fell just nine units compared to its close one week ago and reached 1066, its lowest level since April. That number is down about nine percent from where it sat at this point in 2011 when 1149 properties displayed an active status on the Saskatoon multiple listing service®. Today there are 634 single-family home listings and 343 condominiums available to home buyers. Those two categories of residential real estate stood at 686 and 397 respectively, exactly one year ago.


Encouraged by some big sales at the upper end of the market, the average sale price of a Saskatoon home took a big jump this week and reached $360,436. The median price moved in the same direction but strong activity (unit sale numbers) at the entry to mid-level of the market kept it from catapulting like the average. It crept up just four thousand dollars to $322,500. Meanwhile, the six-week average selling price of a Saskatoon home saw its first downturn in a few weeks as it slipped by nearly three thousand dollars to $337,574 to finish about twelve thousand dollars higher than it did at the close of the same week last year. The four-week median price edged up about twenty-five hundred dollars from a week ago to finish this week at $322,500. At the same point in 2011 the four-week median was at $300K even. That’s the largest year-over-year gain we’ve seen in several weeks now.


Overbid sales remained steady with the previous week at just two, but the average overbid slipped lower to just $100. Another ten home buyers stepped up with an offer of full list price while 51 of this week’s 63 deals closed below the asking price by an average of $10,560.


Other notable MLS® activity this week included 30 cancelled and withdrawn listings, 10 expired listings and 31 price adjustments.


Highlights from the news this past week

Remax predicts modest increase for house prices in 2013 - Star Phoenix

Canada’s home sales cool: How bad is your market? - Financial Post

Home sales slow but market expected to remain stable - Globe and Mail

Housing market remains stable in Saskatoon - Star Phoenix

Home sales dip slightly in October - 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

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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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