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A closer look at the Saskatoon real estate statistics for March 2007

The Saskatoon real estate market took off like a rocket in March producing bidding wars that can only be described as ridiculous for anyone who has been working in this business for any amount of time. By month-end, almost 65% of properties sold were selling at, or above the list price. Average overbids were coming in around the $15,000 range and buyers were lining up to throw money at home sellers. An unfortunate sense of desperation hung thick as newcomers, first-time buyers and investors scrambled for a piece of the action.


Average selling times slid once again to just 16 days and the average price of a Saskatoon home (condo and single-family detached combined) took an incredible leap forward from $188,028 in February to $203,065 in March, marking the first time that the average ever topped $200,000 in Saskatoon.


An incredible 295 houses traded hands, at an average of $6,000 above the asking price. The average selling prices for Saskatoon houses jumped to $208,123 from $194,360 the month before.


The condo market produced 93 sales. Virtually everything that was offered for sale was subject to offers quickly. The average selling price spiked again to an unbelievable $189,275 from $158,924. Average selling prices exceeded average list prices by more than $11,000.


Considering that the average was below $145,000 in December, this is truly difficult to fathom. Condo prices are appreciating much quicker than house prices, which also feel out of control, and I expect that we’ll see some kind of correction between these two categories. I suspect this is happening because larger numbers of people are trying to get into the market at this more affordable entry-level.


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


Norm Fisher

Royal LePage Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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