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Saskatoon real estate market stabilizing in 2008: SRAR

This media release was just received from the Saskatoon Region Association of Realtors regarding real estate activity for Saskatoon through December 2008.


The Saskatoon real estate market is stabilizing. Markets are cyclical and Saskatoon’s market is in a low of the cycle providing opportunity for buyers. Many home buyers that were previously out priced in the market are now able to purchase a home.  Now is an excellent time to buy or invest, as the market will rebound again.


Year-end sales figures have softened when measured against 2007 sales figures but are slightly stronger than 2005 and 2006. Saskatoon REALTORS® sold 162 residential units in the month of December, down 22% from December 2007 when 209 units were sold. In December 2005, 152 units sold and in December 2006, 157 units sold. Year to date 3522 homes have sold, down 21% from 2007 when 4,443 homes sold. In 2005, a total of 3,246 homes were sold, and in 2006 3,430 homes sold.


REALTORS® sold $43,158,000 of in city residential real estate in the month of December, down 19% from December 2007 when $53,479,000 was sold. Year to date figures saw more than a billion dollars of real estate exchange hands. In 2008 there was $1,013,551,000 of residential real estate sold down 2% from 2007 when $1,033,723,000 was sold.


The December and year to date average selling price remained stable. The average selling price in December was $266,411.00 up 4% from December 2007 when the average was $255,885.00. Year to date the average selling price was $287,777.00. The average selling price indicates sustained demand for mid to upper price range homes. Home sale prices have softened from the high experienced in May and June of this year when the average selling price exceeded $300,000.00.


Listing inventory remains high with buyers having 1127 homes to select from at the end of December, up 226% from December 2007 when 346 homes were available for purchase. There were 8,135 homes listed for sale in 2008, up 40% from year-end figures in 2007 when 5,823 homes were placed on the market.


Saskatoon will not be exempt from the global economic slow down but is well positioned to weather the storm. The city job market remains steady. The provincial government’s support for infrastructure development will also assist in stimulating our local economy. This and other stimuli will likely contribute to Saskatoon and the province being less affected by the global slow down than other provinces. This positioning will assist in a quicker economic recovery when the global situation improves.


Stay tuned for our “Closer look” at the Saskatoon real estate statistics for December, which will provide a detailed breakdown of single-family homes sales, condominium sales and prices for each major real estate area. That report will follow before the end of the week.


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

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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