Comments on: Saskatoon real estate week in review: July 5-9 2010

By: Saskatoon real estate week in review: July 12-16 2010 | TeamFisher.com

Sat, 17 Jul 2010 18:23:29 +0000

[...] and twenty-four condominiums for a total of seventy-four units sales, a drop of sixteen compared to last week, and eighteen fewer than were reported during the same week last [...]

By: Norm Fisher

Norm Fisher — Wed, 14 Jul 2010 04:06:01 +0000

L.oki,

Personally, I don’t think prices will be any higher at this time next year. July and August look like they’ll be quite and then the units really begin to decline. I still feel that ongoing population growth will keep us from crashing but I think that new home builders are probably bringing on enough new product to prevent a real shortage.

By: L.oki

L.oki — Tue, 13 Jul 2010 14:15:54 +0000

Hey Norm,

Any upside left in the Area1-2 market?

You thoughts? Thanks,

By: Norm Fisher

Norm Fisher — Tue, 13 Jul 2010 01:59:57 +0000

Cindy,

I think your observations are pretty much bang on though I don’t discount the significance of the cost PSF change. In Q2, sales over 500K were higher than they were last year. That said, there hasn’t been much upward movement at that end because of the large amount of inventory. I think the lower end of the market is feeling the greatest pinch right now.

So true that it’s hard to get noticed if you don’t have an attractive location or excellent condition. Absent those qualities, the price has got to be right just as Doug suggests.

By: Doug

Doug — Mon, 12 Jul 2010 21:40:33 +0000

Cindy,
if a house is sitting on the market 3,4 or more months it is not priced right. Sellers need to be competitive in order to move their house. Gone are the days of bidding wars and this past week saw 83 sales out of 90 that under bid the listing price if I read that correctly. Inventory is high but not sky high and sales are doing well here, but if we catch what is ailing some other places in the country, there will be reason for worry for sellers. But if they price it right, it should move.

By: Cindy

Cindy — Mon, 12 Jul 2010 19:38:15 +0000

Oh, another thing. I feel in today’s market, any detached homes that hasn’t been well renovated or not in a quiet location or only with 2 bds can sit in the market for a fairly long time. Even though the selling price is higher compared to 07, counting in the time and money put in the upgrade of the properties, the increase seems fairly reasonable. But this seems not true for new homes or condos… Any different opinions?

By: Cindy

Cindy — Mon, 12 Jul 2010 19:27:02 +0000

I guess the ppsf has been driven high by entry level houses? I have a feeling that houses over $400,000 didn’t experience such increase if not a decrease. They are more decent in terms of ppsf and quality-to-price. Maybe I’m wrong…

But Norm if the price does come down in the near future, which will suffer more in your opinion, the entry-level homes or higher end ones?

By: Norm Fisher

Norm Fisher — Sun, 11 Jul 2010 22:19:37 +0000

Hey Toby,

820 single-family homes and 437 condos.

By: Toby

Toby — Sun, 11 Jul 2010 21:53:15 +0000

Hey Norm,
Thanks for the blog entry this weekend. Is there anyway to tell the total number of active single family homes and condo listings at this time?

By: Norm Fisher

Norm Fisher — Sun, 11 Jul 2010 21:50:02 +0000

Cindy, Houses are roughly 10% higher in June 2010 compared to June 2009. Condos are up an obscene amount on a ppsf basis.

By: cindy

cindy — Sun, 11 Jul 2010 20:19:35 +0000

I feel the median price tells more about the market.

Also, Norm, what is the trend for price per sqft recently?

By: Norm Fisher

Norm Fisher — Sat, 10 Jul 2010 19:52:13 +0000

Jon,

Thanks. It’s not really possible to get meaningful general stats from one area over the short term because the sample size is so small. We do have a few numbers on our Caswell Hill neighbourhood page including a six-month rolling average for single-family homes. It’s under the “2009 sales” tab about two-thirds of the way down the page.

http://www.teamfisher.com/saskatoon-neighbourhoods/caswell-hill/

By: Jon

Jon — Sat, 10 Jul 2010 19:01:39 +0000

Hi Norm,
Great work on the blog as always. I was wondering if you have stats for Caswell Hill detached houses (single and/or two storey).