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Saskatoon real estate week in review: November 8-12 2010

Saskatoon real estate agents reported fifty-four firm house and condo sales to the local MLS® this week, a gain of five compared to last week, and higher than sales reported during the same week last year by just two units. Area one sales fell off the chart with just nine properties trading to match the previous low for the year, which was recorded during the week of January 4-8. While area one was doing nearly nothing, area five was busy having its most productive week this year recording eighteen house and condo sales.


New listingsfell substantially lower on a week-over-week basis, slipping by twenty-nine properties to seventy-one. Still, that was enough to top new listings production for the same period in 2009 when agents listed just fifty-nine Saskatoon homes for sale.


Click the image for a larger version of the graph.


After seven consecutive weeks of declines, the total inventory of residential real estate listings on the Saskatoon multiple listing service® took a surprise turn and headed higher. Inventory closed the week at 1177, up seven units from last Saturday and thirty-three percent higher than it was at the same time last year when just 886 properties showed an active status on the system. As of this morning, there are 704 single-family homes and 408 condominiums offered for sale, up from 521 and 308 respectively on a year-over-year basis.


Click the image for a larger version of the graph.


Twenty-seven cancelled and withdrawn listings were processed over the course of the week, seventeen of those returning with a new MLS® number and a new price. An additional forty price adjustments hit the system before the close of business Friday.


In spite of the unusual distribution of sales across Saskatoon’s five real estate areas the average selling price of a home pushed higher again for the third consecutive week reaching $317,537. The six-week average price took a small hit dropping almost two thousand dollars from last week to $302,716. That number represents a gain of roughly twenty-nine thousand dollars when compared to the same week last year. The four-week median price moved two thousand dollars in the opposite direction to finish the week at $282,250, just seven thousand dollars higher than it was at this time in 2009.


Click the image for a larger version of the graph.


Saskatoon home sellers had one of their better weeks at the negotiating table seven sellers getting their full price and three selling above their list price by an average of $13,766 (skewed higher by one new home sale that likely included improvements that were not part of the initial offering). Forty-four of fifty-four deals were recorded as having sold below list, by an average of $9,312 for an average discount of just 2.9 percent.


Click the image for a larger version of the chart.


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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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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