CONTACT

Saskatoon real estate week in review: February 1-5 2010

Saskatoon real estate sales numbers continued to bring hope that spring is on its way as agents reported a total of sixty house and condo sales to the local MLS, a drop of just three properties from last week and a gain of eleven compared to the same week last year.


The new listings that were conspicuously absent for last week’s review made a comeback as one hundred and one homes made their way to the market, a welcome addition to what feels like a tight inventory, especially in the price ranges that are at or below the average selling price of a Saskatoon home. New listingswere much higher than last week’s number of fifty-eight homes but fell far short of the one hundred and forty-two properties offered for sale during the same period in 2009. Most years, we start to see pretty good upward spike in the number of new listings offered for sale right around this time, so hopefully, supply will increase in the weeks ahead.



This week, the inventory of active residential listings inched just slightly higher over the previous week moving from 734 to 749, to sit at roughly two-thirds of last year’s level, which reached 1,124 by this time. There are currently 411 single-family homes and 290 condominiums for sale.



The cancellation and re-list strategy was back in full swing this week as thirty-three Saskatoon home sellers put the kibosh on their MLS listing and twenty-three quickly resurfaced as a “new listing.” Nineteen sellers adjusted their asking price, all of them moving lower.


The average selling price of a Saskatoon home fell more than $10K on the week to $279,617. The six-week average saw its fifth consecutive weekly decline slipping more than three thousand dollars to $272,658 and reaching its lowest point for the year, roughly nine thousand dollars lower than it was at this time last year. The four-week median inched up a thousand dollars from the previous week to $260,000 and finished forty-five hundred dollars lower then it was for the same period in 2009.


Click the image for a larger version of the graph.


There was some notable change at the negotiation table as eight home sellers (13 percent) managed to complete a deal at a price greater than their asking price. The average overbid was $2,337. Seven of the eight overbid sales were from areas 1 and 2. The average asking price for these properties was $308,042. Four of the seven properties were town house condos priced at an average of $277,900. An additional three sellers got all they were asking and forty-nine went for less than the asking price by an average of $8,557. The average negotiated discount was just three percent, well below the 3.6% average from the week before.



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.


Real estate geeks can follow our daily updates on Twitter @norm_fisher.


Our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.


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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.
Google Analytics Alternative