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.

Norm Fisher Royal LePage Vidorra

Saskatoon REALTORS® were kept busy in 2007 assisting 4,446 home-buyers with their purchase of over one billion dollars of residential real estate. The $1,034,826,425.00 number represents an 88% increase in residential dollar volume from 2006, which had a dollar volume total of $ 550,779,874.00.

2007 saw a total MLS® dollar volume record of $1.367 billion dollars with over 6,000 properties being purchased. This number, also a record, was up by 37% from 2006 when 4,411 units were sold.

The month of December was very active with 210 residential units selling, up 34% from December 2006 when only 157 units were purchased. Year to date 4,446 residential homes were sold.

The six-month rolling average sale price was $250,428.00. The average residential selling price in December was $255,271.00. This number also up 46% from December 2006 when the average sales price was $175,301.00.This increase in the average selling price indicates strong demand for mid to upper price range homes. Year to date the average selling price is $232,754.00 up 45% from 2006.

The average selling price is derived by dividing the month’s unit sales number into the month’s dollar volume. The percentage of change from month to month should not be used unilaterally as prices do vary from area to area. Consumers wishing to know the value of their home should contact a REALTOR® member for an accurate evaluation of their property.

Residential listing inventory was up at the end of December with 346 properties being available for sale. That number up 37% from December 2006 when 253 homes were available for purchase.

1,050 rural residential units were purchased in 2007. This number is up 35% from 2006 when 780 rural residential properties were purchased. The average selling price for rural residential properties in 2007 was $182,314.00 increasing by 24% from 2006 when the average selling price was $146,573.00.

All indicators point to a very strong real estate market in 2008. There is exceptional consumer optimism in Saskatoon. Investors from across Canada and other parts of the world are excited about our city and our province and appear ready to invest in all areas of real estate. It is easy to share this optimism when one considers Saskatchewan’s opportunity for unlimited growth while still remaining one of the most affordable places to live in Canada.

I’m always happy to answer your Saskatoon real estate questions.  

Norm Fisher Royal LePage Vidorra