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Saskatoon real estate: Week in review (November 3-7 2008)

New listings in the Saskatoon real estate market continued on a slow and modest decline for the fourth consecutive week as just 64 single-family homes and 28 condominiums were added to the local MLS system. Down just two units from the previous week, it’s the lowest weekly number we’ve seen since the last week of January. This past week, 60 sellers cancelled their MLS listing, 28 quickly changing their minds and reintroducing their property as a new listing. Total active listings fell again, this time breaking the 1,600 mark to settle at 1,597 units including 971 houses and 523 condos. That is the lowest inventory level since the week of August 4-8, but still represents about 7 months of supply.


Residential sales activity showed an equally modest gain to finish the week at 51 units including 35 houses, 13 condos, 2 semi-detached bungalows and 1 mobile home. Once again, the gap between new listings and sales closed just slightly.


The average selling price of Saskatoon houses and condos tumbled hard, falling to $272,981, the lowest weekly average since the week of August 25-29. The weekly median price took a slightly sharper fall landing at $255,950, down from $275,000 the week before. The six-week rolling average continued to trend down for the fourth consecutive week, and the four-week median, while lower than last week, looked more or less consistent with what we’ve seen over the past two months.


102 motivated sellers adjusted their pricing strategy, and those sellers that did manage to firm up a sale showed some flexibility dropping an average of $13,577 from their asking price. Just over 50% were able to keep that number to 10K or less, while the balance gave a little more to put the deal together. People who are buying today seem to understand the risks but they’re just not willing to shoulder all of it themselves.


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.


Follow our daily updates on Twitter @SaskatoonHomes.


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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