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Saskatoon real estate week in review: November 24-30, 2013

Following a week that was unusually strong for this time of year Saskatoon real estate sales simmered down as the total number of houses and condominiums reported firmly sold slipped lower by 18 from last week to just 64. That was enough volume to finish ahead of the same week last yearby one.


The number of new residential listingsthat were added to the Saskatoon multiple listing service® database also slipped lower from the previous week. Saskatoon real estate agents brought in just 81 new house and condo listings, down 19 from last week and falling short of the number added for the same week last year by nine homes. That’s just the second time that new listings have been lower than the previous year in about four months time.


The total number of residential properties that are offered for sale on the Saskatoon MLS® system fell lower for the second week in a row. Today’s totals show 1246 active listings, lower than the final numbers at the close of the previous week by 35 homes but still well ahead of available inventory for the sale time in 2012 when just 1063 showed an active status. Today, buyers seeking homes can find a selection of 768 single-family homes, up from the 603 properties that were available at this time last year, and 370 condos, 50 more than could be found a year ago.


The average sale price of a Saskatoon home stayed remarkably stable this week at $329,612. The median price was also pretty firm increasing about three thousand dollars from last week to reach $313,250. Both of the longer-term measures took a slight dip. The six-week average fell lower by almost six thousand dollars when compared against the previous week’s numbers. It closed this week at $347,581 for an annual increase of less than three thousand dollars, the lowest gain we’ve seen in some time. The four-week median slipped seventy five hundred dollars on a weekly basis to reach $319,920 which is the lowest it’s been since late March of this year, and lower than it was for the same week last year by fifteen thousand dollars. Perhaps the lower number of sales and the higher number of listings is finally giving buyers a bit more clout.


Only one of this week’s 64 sales closed above the seller’s asking price. That sale was reported with an overbid of $5,100. Another six deals wrapped up at the full asking price while 57 buyers managed to negotiate a discount averaging $10,355.


Other notable MLS® activity this week included 53 cancelled and withdrawn listings, 14 expired listings and 25 price adjustments.


Highlights from the news this past week

The danger of being stuck in a low interest rate trap - Toronto Star
Why Canadian homes are more unaffordable than ever - Globe and Mail
OSFI says Canada housing market still needs monitoring - Bloomberg
IMF wants CMHC to scale back on mortgage insurance - Globe and Mail
Could CMHC disappear over time? - Financial Post
Higher prices, mortgage rates affecting home affordability: RBC - CTV News
Canadians feeling the pinch of rising prices and mortgage rates - Financial Post
ICR report says local office market remains healthy - Star Phoenix


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 Saskatoon Real Estate

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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