Saskatoon real estate: Week in review (June 25-29 2007)
This past week I heard many agents remark that they hadn’t received offers on their listings at presentation time. Based on the chit-chat that goes on I can’t help but feel that the Saskatoon real estate market is beginning to change but once again, the numbers tell a different story.
Saskatoon homes continued to sell at a hectic pace with 120 units changing hands. While the average selling price and the average overbid were both down slightly from the previous week, the percentage of Saskatoon homes which sold above the asking price remained pretty steady at about 70%. All of the home sales reported in area 3 were above asking price. Area 4 showed the lowest percentage of over list price sales again at 50%.
Active Saskatoon real estate listings of houses and condos reached slightly higher levels closing the week at 341 units. There are a total of 366 properties showing and active status including duplexes and semi-detached homes, still about half of what we would like to see at this time of the year.
Notable sales
- Another executive home in Erindale fetches $900,000.
- Two Lakewood townhomes (Tuscany) sell in the high 280’s. This is particularly remarkable when I consider that one of my buying clients moved into a similar unit in the same project on July 28, 2006 which she bought new for $125,500.
- Haultain bungalow (672’) with a single garage goes for $241,395.
- Mayfair bungalow (580’) with a double garage and located on a busy street sells for $172,000.
- Caswell Hill bi-level (998’) without a garage brings $233,900.
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
16 comments so far. We'd love to hear your thoughts.
April 7th, 2009 at 1:34 PM
Do the listed numbers reflect houses for sale during the week, or new listings over the past week?
April 7th, 2009 at 1:34 PM
Hi Sam,
Those are new listings which were entered into the MLS system over the course of the week.
April 7th, 2009 at 1:35 PM
Hi Norm,
I am a regular reader of your blog,you give comprehensive information about the real estate market in sakatoon.keep it up
April 7th, 2009 at 1:35 PM
Hey Abdul,
Thanks for that feedback. I’m glad to have you here.
April 7th, 2009 at 1:35 PM
“Mayfair bungalow (580’) with a double garage and located on a busy street sells for $172,000.”
Ouch!
I lived in Mayfair a while back. While not the worst it certainly wasn’t the best. We found some pretty interesting stuff hidden in the basement from prior tenants.
$172k is too high, double garage or not.
April 7th, 2009 at 1:36 PM
Why is it that I see some town houses that are priced pretty high in relation to a comparable house.
http://homes.point2.com/CA/Saskatchewan/Saskatoon/Adelaide-Churchill/1137562-Real-Estate.aspx
$349k list for this place, and it seems that a house in that area would be listed at about the same or slightly less…is there some other disireable quality to living in a TH over a house (aside from paying $160/month extra to have the grass cut?)I can see the benefit for the elderly, but I used to look at a TH as a stepping stone to a house.
ps. It is not just this one TH, I have seen others that have made me wonder what I am missing?
April 7th, 2009 at 1:36 PM
Alex, yes that it a lot of cash for a very small home. There are some pretty silly numbers floating around out there, though I have no doubt it was probably a pretty little thing.
TH, this particular condo is more of a detached house in a gated community. Close to 1,400 square feet with a full basement, double garage, shake roof, etc. I think you’d be hard pressed to find a house of this size in such a location for $349,000. I do agree with your premise that condo prices seem very high in comparison to houses. Townhomes which could be bought a year ago for $125,000 are now up in the high $200′s in some cases. It’s astounding.
April 7th, 2009 at 1:37 PM
I guess there is just not a lot like that available to compare it to in that area.
I have been trying to keep an eye on the area, because we are considering selling, and that is comparable to what our house is.
It’s a tough decision whether to sell…we are living out of province right now, and currently rent the house for $2100/month. It is $600 positive flow for us, but we could potentially make about 500% on our original downpayment of $40,000 if we sell.
Norm, do you have a crystal ball to tell me what the market is going to do so we can decide whether we should sell or hold on to it????
April 7th, 2009 at 1:37 PM
TH,
It’s a tough call isn’t it? Are you planning on coming back? If not, it’s got to be tempting to cash out. Prices are just up such an insane amount that I keep thinking it has to start leveling out, but then I’ve been saying that for the past couple of months. Hard to know.
As far as yours go, there aren’t many larger single family homes in that area so there’s not a lot to go on. I am seeing much smaller bungalows going from $300-310 and a few larger ones going from $360-410. The one at $410 has a pretty nice location and some great looking renos but it’s under 1,200 square feet and only has a single garage.
Good luck with that decision.
April 7th, 2009 at 1:37 PM
TH, I’m living IN Saskatoon and I’ve chosen to stay out of this market.
It’s just a shark tank right now and even though you’re coming in with a pile of cash already, you’re still going to get ripped off.
Do yourself and the market a long term favor and wait it out. Increasing demand and promoting the high prices is just going to encourage this trend to continue.
Put it this way, eventually, any house you get here will plateau in value. You will get ripped off, no matter what you buy at this current point in time. Depending on where you are, your house may still be gaining in value. So long as the two are headed in opposite directions, you’re making more money – which is all you want probably. So wait.
Although – be careful of my advice. I am intensely jealous of your situation and frown heavily on the decision you are considering. I don’t make enough to afford the prices people like you have forced the market up to.
If the actions of people moving to Saskatchewan only reduced supply and left the prices where they were, I’d honestly not care at all. Opportunities come and go, but the unavoidable barrier for people like me is cost thanks to Alberta & B.C.
April 7th, 2009 at 1:38 PM
Thanks for the info Norm…If we do sell, it will be FSBO. No slieght against agents, but we sold our first home FSBO, and it went pretty smooth, so we figure we may give it another crack.
In all fairness however, what is the standard for an agent that comes to me with a buyer? Is it fair to offer them a flat fee, as opposed to a percentage?
While I appreciate your advice Alex, I think you misread my situation. We own a house in Saskatoon (born and raised) but my wife is doing her masters in BC right now, and we are considering selling our home. Things are a little tight with one income (teacher) and it s very tempting to sell and stay here b/c job prospects look better for her, and I really like my current job.
We feel Very fortunate to have gotten into the market when we did (we bought a starter and worked our way up) but before people in Stoon start complaining, try getting into the market in Vancouver, and you will feel very fortunate to be in Saskatoon
April 7th, 2009 at 1:38 PM
Sorry ’bout that. But good luck! It is a seller’s market so you’re in the right position.
You can’t compare Vancouver to Saskatoon however. It’s just not apples to apples.
April 7th, 2009 at 1:38 PM
You are right Alex, it is apples to oranges, but I can feel your pain. We are in a position to make out very well on our house in Stoon, but we will then have to put ALL of that $ back into the market here to get a small condo!
In fact, the market is so crazy in Vancouver, that we are consiering renting instead of buying…it just scares me that we will then be in the position that so many others are – waited until they couldn’t afford anything!
April 7th, 2009 at 1:39 PM
You’re basically putting yourself in the same position as I am in now. Although I think your area might be more inclined to pay you properly.
The prices are growing in a very special way because each jump is never met with an equal increase in pay so if you graphed house prices and average salary, house prices have a much steeper rise.
It should be equal or the other way around. People should only get poorer if they get paid less.
The distribution of wealth is what needs to be adjusted. “Communist!” I know, don’t shoot!
Objectively, was it not capitalists that demonized the concept of communism? I’m up for a working solution that isn’t communism, but is it not capitalism that is hurting this situation?
April 7th, 2009 at 1:42 PM
Actually my wage is about the same…when you consider benefits, I was actually probably doing better in Saskatoon.
April 7th, 2009 at 1:43 PM
TH,
“Standard” is a dirty word when it comes to real estate commissions and the law. As a buyer’s agent pursuing a property marketed by an unrepresented seller, I prefer to negotiate my fee directly with the buyer and I am under the impression that many agents do that today. In your shoes, I suppose my primary concern would be the net proceeds and how that compares to the net provided in other offers I receive.
Good luck.
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