Saskatoon real estate: Week in review (December 31–January 4 2008)
Residential real estate sales took a further dip in Saskatoon last week, with just 30 houses and condos reported sold on the local MLS®. Last week’s firm sales reflect contracts written over the Christmas week so it’s little surprise that not much went on. Typically, this is the quietest week of the year, and this Christmas was no exception.
New listings rose sharply over the previous week with 49 new properties being offered for sale. Total active listings dipped a little further to 363 units including 163 houses and 156 condominiums. Overall, we have slightly more inventory than we had at this time last year. Unfortunately, the surplus is made up entirely of condos. We actually have fewer single family homes in inventory than we did at this time last year.
Once again, overbidding was almost a non-factor with only one home trading above the list price. The majority of buyers managed to negotiate almost $9,000 off of the asking price. The average selling price of $269,253 was the second highest on record this year, beat only once the week of November 12-16 when it peaked at $270,535.
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
11 comments so far. We'd love to hear your thoughts.
May 22nd, 2009 at 3:50 PM
Hi Norm,
Just wondering if I should look at purchasing a home now or should I wait till the end of February/ early March to buy? Do you feel that home prices will increase or will inventory increase creating a buyer’s market? Any opinion will be appreciated.
Thank You.
May 22nd, 2009 at 3:50 PM
Hi Bruce,
I think it really depends on what you’re considering buying. With the small number of single family homes for sale, I have to believe that prices are likely going to climb and that’s most likely to happen in the spring when demand is at its peak. I don’t see much pressure on condo prices and it’s probably safe to take your time if that’s what interests you.
May 22nd, 2009 at 3:50 PM
Hi Norm,
Fantastic blog – always enjoy the read. I saw you posted as one of the top 10 real estate blog sites!
My apologies in advance if this post is not appropriate for the site. However, does anyone know of a property manager that they would recommend in Saskatoon?
Thanks
May 22nd, 2009 at 3:51 PM
Thanks for the kind feedback.
Do you recall where you saw this “top ten blog list?”
I recently sold a two-unit dwelling for someone who was using Elite Property Management. The property appeared to be well cared for and the manager was most cooperative while the home was sold. The seller had good things to say about “Roger” and they were pleased with the service. Elite had placed a good and responsible tenant in each of the two units.
http://www.eliteproperty.ca
May 22nd, 2009 at 3:51 PM
Bruce,
What are your circumstances? If you plan on living in this dwelling for a significant amount of time, now is at least a good time to start. Get preapproved to know what your price range is, and then talk to some professionals in the industry. More important than when to buy is probably how much can you realistically afford? What if the rates were to go up 2 or 3 points or you fridge breaks down or your car needs a repair? Plan ahead and don’t be house poor.
Denpending on your income, now is probably going to be better then later. Norm, in today’s paper, guestimated a 10% increase this year. With an average housing cost of 250K, thats a 25K increase if you wait another year. Would something still be affordable down the road?
Further, at least now you can look at a home, think about it, get an inspection, and negotiate. I don’t forsee another bidding war happening, but it can be unnerving dropping serious coin without being able to get an inspection or maybe negotiating a better possession date or appliances or so on. No one saw the last one coming so time will tell.
Hope that helps!
May 22nd, 2009 at 3:52 PM
Thanks for the suggestion.
I was referring to the “10 good men who have consumer oriented blogs” list which can be found on this page:
http://www.stpaulrealestateblog.com/st_paul_real_estate/2007/01/10_good_men_1.html
May 22nd, 2009 at 3:52 PM
Congrats on recognition as a top blogger Norm. I looked t some of these sites and it looks like you’re the only Canadian one.
May 22nd, 2009 at 3:52 PM
Congratulations, Norm. I really like your blog!
May 22nd, 2009 at 3:53 PM
hey Norm! congratulation on being selected as one of the best blogger,you really deserved that.keep it up!!
May 22nd, 2009 at 3:53 PM
I’d recommend Turanich Acq. Mgmt. They’ve been managing my 2 bdrm Lakeview condo for a couple years now, no complaints (actually there is one complaint – they don’t have a website…) Phone 306-652-9777
May 22nd, 2009 at 3:53 PM
Callum,
Good call! I have also been impressed with Turanich.
Thanks to all the well wishers. I think if you take a careful look at Teresa’s award you’ll see that it was not so much a “top ten blogger award” as it was a “ten bloggers to watch award.” Just the same, I was pleased to be recognized by an extremely well known blogger who has been dubbed a “real estate blog goddess” and earned recognition across the real estate blogosphere. Teresa provided a lot of encouragement early on and was instrumental in convincing me that blogging is an endeavor worth taking seriously.
Thanks for your encouragement T!
Thanks to the rest of you for reading and participating here. You have all become another source of encouragement and inspiration for me.