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Saskatoon real estate week in review: February 15-19 2010

Saskatoon real estate sales cooled off this week as just fifty-one house and condo sales were reported to the local MLS, a drop of thirteen units compared to the previous week, but ahead of sales for the same week last yearwhen just forty-five homes changed hands. Reports of multiple offers continued, especially in the $250,000-$350,000 range, though buyers are clearly proceeding more cautiously than in past years as evidenced by the relatively small number of overbid sales. Most agents would probably tell you that the lower number of sales is related to a shortage of inventory in this key price range. While the lion’s share of the buying activity for single-family homes occurs below the $350,000 mark, about fifty-five percent of the houses that are currently for sale are priced above that.


New listingsremained steady on a week-over-week basis with ninety-seven new listings coming on the system, but fell sharply compared to the same week in 2009 when 121 properties were offered for sale. This week’s listings included seventy-five houses and twenty-two condominiums.



Total active listings inched up again climbing above the eight hundred mark for the first time in a few months. Listings sit at 801 today, up for 766 at the close of the previous week and down from 1,242 for the same time last year. Most of the growth we saw this week was in single-family homes, which moved ahead thirty-six units over last week to 449. Available Saskatoon condominiums were fairly steady moving higher by just two properties to 309 units. Last year at this time there were 753 houses and 409 condos showing an active status on the Saskatoon multiple listing service.



Cancelled and withdrawn listings came in low at just fourteen units. Eight of those immediately re-entered the system as a new listing, most at a new lower price. Ten sellers took the shorter route by simply reducing their asking price.


Slower sales and a slightly higher inventory didn’t hold prices back as the average selling price of a Saskatoon home surged ahead to reach its highest point since the week of September 15-19, 2008at $312,362. That’s nine thousand dollars higher than last week’s number and roughly eighteen thousand dollars higher than the same week last year. Higher sale prices over the past two weeks pushed the six-week average to a six-week high of $286,421 gaining nearly seven thousand dollars over the previous week and about three thousand over the same week in 2009. The four-week median also moved higher reaching $286,995 up nearly eleven thousand compared to last week and twenty-one thousand dollars higher than the number recorded for the same period last year.


Click the image for a larger version of the graph.


The number of overbid sales fell again as just four units traded above asking price by an average of $7,503. Four more sellers got what they asking while fifty-one settled for a discounted price that averaged 2.6 percent of the asking price, or $8,470.


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.


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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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