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Saskatoon real estate week in review: October 20-26, 2013


On the heels of a week that saw Saskatoon real estate sales tumble to their lowest point since late February the local market rebounded and added an impressive 34 units to last week’s numbers. Local agents reported a total of 88 houses and condos having firmly sold to the Saskatoon multiple listing service® for an annual gain of 11 properties.


After showing some very strong weekly gains for almost three months straight new residential listingsremained at sharply lower levels for the second consecutive week. Saskatoon real estate agents added just 110 houses and condominiums to the MLS® system, two fewer than the previous week, but 11 more than were added during the same period of time last year.


The inventory of active MLS® listings in the residential category fell lower by nearly 30 homes when compared against the close of the previous week. As of this morning, there are 1376 residential listings, up about 18 percent from where they sat at this time last year when buyers had just 1168 homes to choose from. Today’s active listing searches show a total of 859 single-family homes (houses) and 415 condominiums. Last year at this time, those same searches produced just 702 houses and 377 condos.


Fewer trades at the upper end of the Saskatoon real estate market saw both the average price and the median price of a local home slip lower to $345,014 and $349,450 respectively. The six-week average priced trailed lower for the second week in a row losing nearly two thousand dollars to hit $351,922 producing an annual increase greater than twenty-five thousand dollars. The four week median price moved the other way and made some weekly gains, increasing by almost 5K to reach $349,900.  That’s a year-over-year increase of twenty-nine thousand dollars, the greatest annual increase since late May®.


Even as units sales increased sharply over the previous week, overbid sales fell lower to just two. Those buyers offered an average bonus of $3,550 above the seller’s asking price to close up their deal. Meanwhile, another seven agreed to pay the seller’s full asking price to get their dream home off of the market. The other 79 firm deals were concluded at the negotiation table with the buyer grinding out an average discount of $12,102.


Other notable MLS® activity this week included 52 cancelled and withdrawn listings, 10 expired listings and 53 price adjustments.


Highlights from the news this past week

There’s no shame in renting rather than owning - Globe and Mail
Why no rate hike means variable mortgages are safe again - Financial Post
Falling rates, BofC stand puts housing spotlight on Flaherty- Globe and Mail


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 Saskatoon Real Estate

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.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
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