Saskatoon real estate: Week in review (April 30 – May 4 2007)
A total of 136 new residential listing came on the market last week outpacing unit sales by about 10%. Saskatoon real estate agents reported a total of 123 sales of single-family homes and condominiums over the same period.
The average selling price of a Saskatoon home was $13,000 lower this past week at $222,150 compared to $235,345 the week before. The majority of listings continued to attract multiple offers and over bids to the tune of $25,688 on average.
Buyers might take some comfort in the fact that this weeks sales sheet looks a lot like the one from the week before. I see fewer numbers of sales which are really “remarkable.” Most weeks there have been a quite a number of sales which appear to have broken new ground but this past week it seems that prices may have been fairly level.
It’s also interesting to note that in Area 4, only 50% of sales reported where over list price. That’s the first time we’ve seen that in quite a while. Often times a softening in the core areas is a first indication that the market may level out some. Could it be a sign of things to come?
Here’s a quick look at the numbers from last week.
See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports
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.
Follow our daily updates on Twitter @SaskatoonHomes.
Norm Fisher
Royal LePage Saskatoon Real Estate
24 comments so far. We'd love to hear your thoughts.
April 7th, 2009 at 8:53 AM
Hey Norm, just thought I’d drop you a line to say that we finally found a house. Its in Wildwood, costs way more than we’d ever expected to pay at the beginning of this process and is pretty near our ‘dream home’. Now we need to go through the appraisal and sell our townhouse but we’re hoping it’ll be relatively easy (other than having to fluff the house up as much as possible).
Thanks for your blog and I’ll continue to follow the market even more now that I’m a ‘pro’.
April 7th, 2009 at 8:55 AM
Congratulations Todd! Looks like several of us are finding our way out of this market at the same time. It’s very encouraging! Enjoy your dream home!
Norm, a question about the stats – when does a house actually get factored into the numbers? I’m trying to see if “my house” is in there yet. Does it occur on official acceptance of the offer? When conditions are removed? Thanks!
April 7th, 2009 at 8:56 AM
I wouldn’t get too excited. My husband and I have been househunting since February. So far we’ve found three houses to put offers on. The first one in Hudson Bay Park was listed for $189,900 sold for $212,500 cash, the second was also in HBP and listed at $189,900 and sold for $240,000 cash. This last one was listed at $189,900 and sold for $248,500 CASH! This has really been a frustrating process and we can’t wait for it to be overwith. It looks like we’ll be renting forever!
April 7th, 2009 at 8:57 AM
Todd!! Congratulations. So glad to hear that you’ve found something. It must feel great to be on the home stretch. Selling your town house is going to be very easy relative to what you’ve been through on the buy end. I’m happy for you.
Anon, sales are reported to the MLS following the removal of conditions and that’s when I have access to the numbers.
Tracy, I’ve only met a very small handful of buyers who pay “cash.” Unfortunately, some people are really taken in by unconditional offers without a full appreciation of the risk to the seller. It seems to me that we are seeing fewer unconditional offers. I reviewed at least 20 offers last week and the majority of them were “subject to mortgage approval.” Only a couple had home inspection conditions though which is kind of unfortunate.
April 7th, 2009 at 8:57 AM
Hi Tracy!!!
My husband and I have being house hunting since the end of March, quite frankly I did not know at the time the estate of the market. We also saw three houses that we really loved, one was in Wildwood asking price was 239,900 and sold for 306,000; the second one was in Lake view, which was listed for 269,900 and I believe it sold for a little over 310,000; the last house we saw is in Parkridge was listed for 275,900 and it was sold to us for 322,000. We know it was way over price, but unfortunately in the current market if you see a house that you really like, you have to bid higher (considering you can afford it). The two first times we came very close (second place). The third chance we had, we got it!! we really liked this house because it fit our needs. Even though it is not in the east side as we wanted to, is in an area that has potential, the west end of the city is having a huge infrastructure facility (Blairmore Project) being done now, and that will hopefully increase the value of the property. I also researched the area before I made an offer, and it seems that Parkridge is one of the safest areas in the city, really nice neighbourhood. The key is to look for houses that have some potential to increase in value in the long run, for example houses that need cosmetics or that are located in places that have potential to increase in value. That way you will try to defend the price you finally decided to pay.
If you really want a house try to see the potential the house may have in the long run and go for it, remember it is an investment for your family. And finally do not worry even if you are a first time home buyer, you have to view your investment as a long term process.
Good luck to all of you who are young families and first time house buyers, if you see something you really like, talk to your agent and make the best offer, based on his professional opinion, you will end up getting it. We were very lucky and glad to have had the best agent, who was honest, understood our needs, and so knowledgable of the house market even within this unpredictable period, his help really supported us through the end and we ended up having our dream home.
April 7th, 2009 at 8:58 AM
We also managed to win a bidding war. It was our first try too! We learned as much as we could beforehand, and our agent, Richard Rink, really gave us excellent guidance on crafting what became the winning offer to purchase. We wanted to stay downtown, and the house we found is perfect for us.
We have now listed our condo for sale and hope to be moving sometime next month.
April 7th, 2009 at 8:58 AM
Jeff, we seem to be on a winning streak here over the last couple of weeks. Congratulations on your win! Richard is an excellent agent and someone I really respect. Coming out the winner on your first try is remarkable. You should be almost unscathed.
I know there are quite a few buyers who are feeling a little kicked around after repeated efforts to buy. Many happy years in your new home.
April 7th, 2009 at 8:59 AM
Sorry I just thought I should say the name of my agent, for any of you who are seeking to have the best person to work with in this crazy period, Jim Bridgeman.
April 7th, 2009 at 9:00 AM
Hi Maria,
I would also agree with you that Jim is a first class guy. One of my favorites. While I appreciate your loyalty and your affection for your agent I’m not sure that my website is the appropriate forum for promoting their services.
Thank you for using Royal LePage. 
April 7th, 2009 at 9:00 AM
Norman, you are right. I really apologize. I appreciate you having your blog, an opportunity to openly discuss with others about the housing market, I know you are a really great guy and did not want to use your site incorrectly, sorry again and take care
April 7th, 2009 at 9:00 AM
Hey Maria. Now I feel bad for bringing it up.
I just thought I should say something before we got to an agent promotion free for all going. I really don’t mind seeing Jim or Richard’s name appearing here. They are both people whom I’m proud to be associated with as a real estate professional.
Jim and I joined Royal LePage at about the same time. He was new to the business and I had just moved to Royal LePage to take on some management responsibilities. I had the opportunity to work very closely with him as he started his new career and I have to say that I am very, very proud of the agent that he has become. He is an exceptional professional with a solid of understanding of what it really means to represent someone. I find that he can always be counted on to do the right thing. Jim is a “real” guy with a heart of gold and he represents our company and his clients very well. I can fully understand why you would want to say a good word for him.
Again, congratulations on your home purchase and I hope you won’t be a total stranger after its done.
April 7th, 2009 at 9:01 AM
Norm, just fyi, if I had to do a purchase again, and hadn’t already had my agent (who did a great job), I would have gone through you. Your blog is an amazing resource that more agents really should consider doing something similar. It’s a great promotional tool and I’d be surprised if it hasn’t already brought you some clients that you wouldn’t have gotten otherwise.
April 7th, 2009 at 9:01 AM
Hey Norm
Please do not worry, I agree with you about my agent and with Todd about your amazing blog, thank you sincerely for making this available to us. I have also heard wonderful comments about you, and believe me after listening to those positive comments and reviewing your educational and informative site, I would have also consider going with you if I did not have my agent. Take care
April 7th, 2009 at 9:02 AM
Todd and Maria, thanks to both of you for the kind feedback. Again, I totally respect your loyalty to your agents in every way. It’s great to hear people speak so highly of their experience and I consider the fine people we’ve discussed to be colleagues, friends and great ambassadors for the real estate industry. Thanks again.
April 7th, 2009 at 9:02 AM
Maria, I also bought in Parkridge after losing out on a couple homes on the east side. I looked in to what is happening in the area and am pleased with the potential of the area in the future.
The house I bought was listed at $239,900 and I got it for $260,000. Can’t wait to move in but possession isn’t until the end of June.
Oh, and I used a Royal LePage agent, too.
Keep up the good work on the blog, Norm. I still check it often especially for the weekly stats.
April 7th, 2009 at 9:04 AM
Hi Carrie! It’s nice to see you again and I’m glad to hear that you’re still coming by. This must seem like an awfully long wait for you. I have to admit when you first bought your house $260 seemed like a lot. It’s starting to look like you did pretty well and who knows where the “value” will be by the time you move in at the end of June?
Parkridge is a very nice neighbourhood. There are lots of good people living there and with prices now topping $300,000 it’s just going to get better. The whole Blairmore development is going to be very good for those neighbourhoods which surround it.
April 7th, 2009 at 9:04 AM
Carrie,
Congratulations on your new home, it seems you got a good deal. Parkridge seems like it will have potential in the future, we drove through it many many times, neighbours seem nice, nice parks and crescents. So far I have received only positive comments about the area. We are moving into the house at the end of June as well, I wish you the best of luck and same to all of you who are already on a new home or looking for one, hang in there you will end up getting it.
April 7th, 2009 at 9:05 AM
Hi Norm,
Just wondering if I could get your thoughts on whats going to happen with the Riversdale area. I took a drive by and looked at a couple of properties that are close to the new River Landing development and seemed to show quite well from the outside. The nieghbourhood, however, left something to be desired. The house adjacent to one of the places had a handful of what looked to be 14 – 16 year old kids out drinking on the front lawn, scattered out like bowling pins, and another one of the places had a lady lying on the sidewalk clawing at the sky like she was in some sort of drug induced fit.
Do you see this area taking an upswing with the new Riverlanding development? I have talked to a few people who say that todays’ Riversdale is reminiscent of Broadway some twenty years ago, and look at how desireable a location it is now. The thing is, with a house being such a big investment as it is, I feel kinda uncomfortable taking on a gamble that a neighbour is going to improve.
In your opinion, what do you see happening in the neighbourhood in the next five / ten years?
Thanks in advance for your advice – as always it is much appreciated.
April 7th, 2009 at 9:06 AM
Having lived in the Broadway area 20 years ago, I just wanted to pipe up: Broadway/Nutana was NOTHING like Riversdale. In fact, the only place that was like Riversdale back then, was Riversdale.
April 7th, 2009 at 9:08 AM
Jason, I have to go with Jeff on this one. I hate to say it but I don’t see a whole lot going on in Riversdale which encourages me. There are some nice properties on Spadina but many of the homes in the area look like they’ve been abandoned and left to decay. Seems to me that the situation is worse today than it was 20 years ago, in spite of lots of hard work trying to rejuvenate the community. A large percentage of the properties are rental homes and it’s unlikely that these “landlords” will suddenly decide to dump a bunch of money into them. It is unfortunate because the area enjoys a beautiful location and I’m sure that many of those homes could be fantastic if someone really cared about them. Perhaps there’s something I’m missing. I see spots like Caswell Hill, Mayfair, and even Westmount having a lot more potential over the next five to ten years.
April 7th, 2009 at 9:08 AM
Hey Norm
I am looking into buying in Parkridge. I see that some people in your blog have already bought properties here. However what is your honest impression of the potential for this area?
April 7th, 2009 at 9:09 AM
Joe, I think Parkridge is an excellent area with great potential over the long term. People who live there tend to take pride in their homes and maintain them well. The new Blairmore development will bring two new high schools, a civic centre and some additional retail space to the area. This development should enhance an already nice family neighbourhood. I don’t think I would hesitate to consider buying there.
April 7th, 2009 at 9:09 AM
I have a question similar to Joe’s & Jason’s.
It seems as though Area 5 is all over the map as far as stats go.One week the avg will be $250 K, the next week it will be $160!
We recently bought in Area 5 – the quiet north end of Confederation Park, to be exact. We paid less than $200 K (though not by much) and only “won” the house by a hair. However, now we’re wondering if we paid “too much”. Looking at the market as it stands – the answer is obviously no because we did what we had to do to get the house we wanted. But the thought of living in a house that 5 years from now has depreciated in value terrifies me!
What are your thoughts on the values in our neighbourhood? And the market in general? For all the buyers out there, I’d love the market to level off, but as a new homeowner, I’d hate to see a crash.
April 7th, 2009 at 9:09 AM
Olivia, isn’t it interesting how your perspective suddenly changes after you’ve purchased?
As I said to J in another thread, I don’t think that we’re ever going back to the way things once were for the Saskatoon housing market. Though it’s not unusual for values to drop a bit after a long run of increases it’s rare that the losses aren’t recovered in just a couple of years. I think the chances that your home will be worth less in 5 years is so slight that it’s hardly worth worrying about. Further, the inventory situation remains so slim and demand is so strong I can’t help but think that this market is nowhere near over. I hope and expect that price increases may be more moderate as we move forward but the seller should continue to have a market which is in their favour for some time.
Weekly averages are subject to these kinds of swings, particularly in Area 5 which might be limited to 10-15 sales each week. They are really only intended to give a snapshot of what happened last week but they shouldn’t be used to track price growth or declines.
Relax and enjoy your new home.