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Saskatoon Real Estate: Week in Review (October 13-17 2008)

Before we get started with last week’s real estate activity I want to point out a couple of changes that I’ve introduced to the “Week in Review” which you can expect to see on an ongoing basis. First, I’ve added the median selling price for each of the five areas to the graphic that you're accustomed to seeing each week. A number of people have requested that this information be added. Secondly, at Bookrat’s request I’m adding a graph that plots the weekly average selling price in comparison to the six-week average selling price. Bookrat has been tracking these stats himself and was kind enough to send me an image of his graph. I had to agree that it adds some interesting detail and helps make better sense of the weekly numbers. Thanks for your help Bookrat! Finally, you’ll notice another graph, which plots weekly unit sales against new listings for the week. As always, please remember that most of my stats are based on single-family homes and condos unless otherwise specified. I hope you like these additions. Now, let’s take a look at what happened in the Saskatoon real estate market over the past week.


New listings took a serious nosedive coming in at their lowest levels since the week of January 28 – February 1. A total of 96 properties were offered for sale on the multiple listing service including 76 single-family homes and 20 condominiums. Total active residential listings fell to 1,673 units to find their lowest level since the week of August 18-22. A total of 49 listings were cancelled or withdrawn and 29 of those properties found their way back to the system as new listings. 89 price adjustments were approved over the course of the week. Today’s active listing inventory consists of 1,045 houses and 529 condos. The “units sold vs. units listed” graph indicates that there has been some narrowing of the massive gap that developed between the two through the spring.


Click the image for a larger version of the graph. Saskatoon residential unit sales vs new listings


Unit sales fell to 45 units from 49 the week before. 42 buyers managed to negotiate a contract below the asking price to the tune of $12,502 on average. The average selling price was down from previous weeks, reaching its lowest level since the week of August 25-29to settle at $280,096. The average selling price of a Saskatoon home was fairly consistent with the median price, which came in at $280,000 for the week.


Saskatoon real estate week in review October 13-17 2008


Click the image for a larger version of the graph. Saskatoon real estate weekly average price vs 6 week average


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.


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Norm Fisher
Royal LePage Vidorra

Norm Fisher, TeamFisher

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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