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Saskatoon real estate week in review: October 11-15 2010

House and condominium sales continued to trend lower this week. Unit sales came in at fifty, slipping eleven from last week, and finishing lower than the same week in 2009 by nine.


New listingsfell by a slightly higher percentage compared to last week as agents brought just seventy-seven listings to the Saskatoon multiple listing service, a decline of nineteen compared to last week, but an increase of thirteen when compared against the same time period last year.


Click the image for a larger version of the graph.


Following an unusual display of stubbornness that lasted nearly three months the total inventory of residential listings on the Saskatoon MLS continued to trend lower for a fourth consecutive week. Total active listings slid to 1246, down twenty units from the close of the previous week but still remains twenty-four percent higher than it was at this time last year when just 1006 Saskatoon homes were for sale. Today’s inventory includes 750 single-family homes and 429 condominiums, with the former dropping twenty and the latter gaining two on a week-over-week basis. Last year at this time there were 584 single-family homes and 353 condominiums showing an active status on the Saskatoon MLS.


Click the image for a larger version of the graph.


There were just twenty-nine cancelled and withdrawn listing processed on the system this week and as usual, about half of those managed to find their way back to the MLS as a new listing, most with a new lower price. An additional fifty-five price adjustments worked their way through the system over the course of the week.


More than ten percent of this week’s sales boasted a price exceeding five hundred thousand dollars, so as you might expect, the average selling price of a Saskatoon home took a strong bounce reaching $321,676 and coming close to the previous peaks for the year that we saw in August. The six-week average selling price remained steady compared to last week closing at $308,607 to gain just over twenty-three thousand dollars when compared against the same week last year. The four-week median sale price slid three thousand dollars from last week to finish at $286,000 and claimed a gain over the same week in 2009 by roughly thirteen thousand dollars.


Click the image for a larger version of the graph.


Three Saskatoon home sellers found a buyer prepared to pay more than list price by an average of $15,734 this week, a number that was seriously skewed by one small area 4 house listed at $84,900 that sold forty thousand dollars above that. Three more sellers closed a deal at their asking price while forty-four of fifty sales closed below list by an average of $8,502 or about 2.7% of list, the smallest discount we’ve seen in the past few months.


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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