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Saskatoon real estate: Week in review (February 23-27 2009)

Sales of Saskatoon houses and condos continued at a rather lackluster pace this week as local real estate agents reported just forty-seven sales, up two units from last week, but nearly half the number reported during the same week last year when ninety-two such properties sported a sold sign.


Residential listing activity remained brisk as seventy-four single-family homes and forty-four condominiums were offered for sale on the Saskatoon multiple listing service, down two units from last week, and up nine from the same week in 2008. Total active residential listings gained ground again for the fourth week in a row suggesting confirming that we are now into our spring listing market. At the close of business Friday 1,298 residential listings were showing an active status, up 56 properties from the previous week, and well ahead of the 370 properties available at this time last year when inventories pushed towards record lows and just 204 houses and 127 condos were for sale. Today, take your pick from 785 houses and 429 condominiums.


Thirteen of twenty-six canceled or withdrawn listings made another appearance as a new listing, most offered at a lower price. An additional seventy-four sellers adjusted their asking price in hopes of getting a jump of the competition. Condo sales had a strong week accounting for nearly one in three sales, and pushed the average selling price for the week down sharply from $295,014 last week to $269,628, just fourteen dollars higher than it was for the same week in 2008. The median sale price for the week sank even further and settled at $253,500, down just over $30,000 from $285,000 last week. The six-week average came in at $281,573, down just $2,000 from last week and about $23,000 higher than it was the same week in 2008. The median also fell slightly week-over-week to $263,750 but maintained a gain of $15,500 over the same week last year.


While home buyers definitely weren’t out in droves, those that did buy clearly took it easy on their seller of choice as the average underbid reached its lowest level since the week of August 25-29, and came in below $10,000 for the first time since that same week. The underbid graph presents a picture that we haven’t seen before as a full forty percent of the week’s sales recorded a price within $5,000 of list and an additional thirty-four percent came in between $5,001 and $10,000. The $10,001-$15,000 accounted for 11% of sales compared to 16% last week while the $15,001-$20,000 category picked up a single percentage point and finished at six. The $20,001-$25,000 category more than doubled to nine percent while the underbids which exceeded $25,000 completely fell off of the chart for the first time since I started publishing these stats.



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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