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Saskatoon real estate week in review: November 9-15, 2014

On the heels of a week that felt more like January than November, Saskatoon real estate sales recovered and returned to levels more typical of the season. Local agents reported a total of 81 firm sales in the combined single-family homes and condominium categories to record weekly gains of nearly 30 home sales, enough to finish ahead of the same week last year by 26.


The number of new MLS® listings to enter the system plummeted and slipped to just 120, down a whopping 75 units from last week. In spite of the lighter flow, new listings still made big year-over-year gains. Looking back to the same period last year we see just 94 properties being added to the inventory.


Fewer listings and a stronger sales week saw the total number of active listings on the multiple listing service® fall, wiping out most of last week’s gains. We closed the week with 1,516 residential properties showing an active status. That’s down from 1573 at last week’s close and well up from the 1297 Saskatoon homes available at this time last year. We currently show 897 houses and 489 condos in the inventory. Compare that to 792 and 408 respectively when looking back to the numbers of available listings on the same day last year.


The median price of a Saskatoon home took a large jump to $361,250 as more upper end buyers engaged the market. The weekly average followed suit, encouraged upwards by one sale at close to a million dollars and a couple closing in on 800K. This week it reached one of its highest points for the year at $379,676. Both of our longer term measures made gains this week as the six-week average price paid for a Saskatoon home reached $364,913. That amounts to a weekly gain of about five thousand dollars and an annual increase of about nine thousand. The four-week median price edged up $352,000 for a weekly increase of four thousand and an annual drop of five thousand.


Once again, the market proved to have lost some heat with the changing weather. Just one seller found a buyer willing to pay more than list, and that offer closed with just a $100 bonus to the seller. Another eight deals closed at the seller’s asking price. On the other hand, 72 of this week’s 81 deals required a discount to close. Those discounts averaged $12,224.


Other notable real estate activity this past week included 51 cancelled and withdrawn listings (42 and nine respectively), 22 expired listings and 54 price changes.

Highlights from the news this week

Housing starts cool in October - Globe and Mail

Why we shouldn’t fear a crash in Canada’s three hottest markets - Globe and Mail

Protect your condo investment - Star Phoenix


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

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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