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Saskatoon real estate week in review: October 2-7, 2017

Saskatoon real estate sales activity fell from last week but managed to post some annual gains for the first time in eight weeks. Local REALTORS® reported a total of 61 firm residential sales, down from 70 the previous week, but up from 54 when compared to the same period last year. Meanwhile, the number of new listings added to the MLS® grew to 219, the highest number seen during any single week since mid-July. This high listing level can be largely attributed to renewals for some of the near 200 listings that expired without a sale over the closing days of September.


Total active residential listings available to Saskatoon home buyers through the multiple listing service® reached their lowest level since June as the number moderated to 2067. That’s 50 fewer homes than were available a week earlier, but still well ahead of the 1920 properties for sale a year earlier. Most of the weekly decline was in single-family homes category which fell from 1264 last week to 1220 by Saturday morning. That leaves us up from a year earlier by 171 houses. Condo inventory sits at 735 today, down from 745 last week and up from 703 at this time last year.


With decent sales activity in all price ranges below 500K the weekly median price grew by nearly $50,000 from a week earlier to $335,000 while the average price of a Saskatoon home increased to $327,258. Still, both of our longer term price measures fell lower this week. The six-week average price of a local home slipped to $338,287. That’s about $26,000 below its annual peak, and just a few thousand dollars above its lowest point for the year which was recorded in mid-February. Looking back a year ago, we see a six-week average price that was fourteen thousand dollars higher than it is today. A significant decline in high end real estate sales over several weeks has ushered the four-week median price lower for the fourth consecutive week to its lowest point this year, $308,500. That’s roughly ten percent lower than it was at the close of the same week last year.


Sellers dreaming of an above list price offer had their hopes dashed this week. Eight lucky sellers managed to close a deal at their asking price, while 53 of the week’s 61 sales were reported to have sold at a discount that averaged $12,700.


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.
 

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