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Saskatoon real estate: Week in review (December 1-5 2008)

New listings in the Saskatoon real estate market fell to their lowest level since the week of December 31 – January 4 as a total of 70 properties made their way to the MLS system including 45 houses (single-family detached homes) and 17 condominiums. Additionally, just 13 of the 43 properties that were cancelled or withdrawn from the system this week found their way back on as a “new listing.” Total active residential listings took a huge slide falling nearly 8% in a single week to finish at 1,416 units, down from 1,534 the week before and reaching their lowest level since the third week of June. The current inventory includes 862 houses and 463 condos.


Unit sale numbers were fairly steady at 34 units, down 3 from the previous week, and off 14 units from the same week last year. Total unit sales consisted of 29 houses and 5 condominiums. Looking at the “Units Sold vs. Units Listed” graph, it’s somewhat encouraging to me that the right side of the graph looks an awful lot like the left side of the graph. Will we come out into January seeing numbers that are comparable to last year? Will new listings continue to trend closer to weekly sales, or will they spike higher like they did last year?


Over the course of the week 50 price changes were recorded on the Saskatoon MLS system. The average sale price for the week fell rather sharply to $270,226 from $293,424 the week before while the six-week average gave up just over $1,200 sliding from $285,086 to settle at $283,832. The median sale price for the week fell about $8,000 from the week before but the four-week median continued to display a stubborn attitude holding firm at $269,950 and remaining in the same general range as it has for the past three months.


Buyers continued to find motivated sellers, who were prepared to engage in an aggressive negotiation as the average underbid remained fairly steady at $15,319, up just slightly from the previous week, but still amongst the top five weeks this year. The percentage of buyers prepared to sign a deal within $10,000 of the asking price fell from 48% to 41%. The percentage of buyers who managed a discount in excess of $20,000 also came in lower falling to 18% from 24%. The $10,001-$15,000 category grew by 6%, and the $15,001-$20,000 category doubled from 6% last week to 12% this 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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