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Saskatoon real estate: Week in review (December 24-28 2007)

All things considered, this was probably a good week for Saskatoon real estate buyers to purchase a home.


On the one hand, active residential listings fell again, slipping below 400 for the first time since the week of June 25-29. Only 8 new listings were offered up for sale. Not a big surprise really. Listing a home doesn’t rank high on most people’s priority list during the holidays. As of today, there are only 184 houses and 164 condos showing the “open” status on the Saskatoon Multiple Listing Service®. The selection of houses is rather poor to say the least.


On the other hand, sellers were eager to wrap up a sale for Christmas and the 37 buyers who did purchase homes were rewarded with greater flexibility than we’ve seen in a while. The average underbid crept over the $10,000 mark for the first time since the week of November 12-16. Most notable however, is the absence of overbid sales. That’s right, there isn’t a single home sale reported above the asking price. Zero. Zip. Nada! This is the only week in 2007 which didn’t produce any overbids.


The average selling price came in at under $250,000 for the first time since the week of November 5-9, largely driven down by an unusually high percentage of condos trading in Area 1. Nine of the eleven reported sales were condominiums and seven of those homes were priced below our average.


I expect that we’ll see listing activity pick up some over the coming week but home sales are likely to be similarly low, perhaps even lower in next week’s numbers. Typically, residential real estate sales reach their lowest numbers in December. If our market behaves in a typical manner, we can expect to see unit sales increase steadily over the first few months of 2008.


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

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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