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Saskatoon real estate week in review: July 19-23 2010

Sales of single-family detached homes (houses) and condos showed some strength this week as Saskatoon real estate agents reported eighty-eight firm sales across all areas of the city, a gain of fourteen compared to the previous week, but short of last year’s performance by ten units.


While unit sales pushed higher, new listingsmoved in the opposite direction for the second consecutive week. Agents brought seventy-seven single-family homes and thirty-three condominium listings to the Saskatoon Multiple Listing Service® this week for a total of 110 new listings, down five properties from last week, but up eight from the same period last year. Still, this was one of the three slowest weeks for new listings since late March when the spring rush really began.


Click the image for a larger version of the graph.


The active inventory of Saskatoon real estate listings continued to show some stubbornness maintaining a near straight line since delivering its first significant drop for the year at the close of June. This morning, there are 1368 active listings in the residential category of the Saskatoon MLS®, a drop of just six compared to last week and higher than it was at this time in 2009 when buyers had 1290 properties to choose from. This morning, buyers will find a selection of 808 single-family homes and 479 condominiums for sale. The balance of the inventory is made up of semi-detached homes, duplexes, mobile homes and vacant land. Most of the year-over-year active inventory gains can be counted in the condo category, which has risen from 406 at this time last year. At the same point in 2009 there were roughly 790 single-family homes available on the Saskatoon MLS®.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings fell to just twenty-nine with sixteen of those immediately returning to the system bearing a new MLS® number. Additionally, forty-eight Saskatoon home sellers made an adjustment to their pricing strategy hoping to meet a buyer before the summer months are behind us.


Home prices continued in that up and down pattern that we’ve seen over the past couple of weeks. This week, down took its turn as the average price paid for a Saskatoon home tumbled twenty-five thousand dollars compared to last week to settle at $279,306. The six-week average took another solid step down dropping more than five thousand dollars from last week to settle at $290,315 and reaching its lowest point since the week of April 5-9, just seven thousand dollars higher than it was for the same week in 2009. The four-week median price of a Saskatoon home followed the other two measures and finished lower on a week-over-week basis by five thousand dollars as it slipped to $275,000. The four-week median price remains up by five thousand dollars on a year-over-year basis but is down by fourteen thousand dollars from its peak weeks in May and June.


Click the image for a larger version of the graph.


Overbidding continued to be a rarity with just two Saskatoon home sellers reporting a sale price that was greater than the list price by an average of $2,724. Seven sellers managed to get every penny they asked. Seventy-nine of eighty-eight sales required an earnest negotiation with the buyer bagging an average discount of $9,287, or roughly 3.3 percent of the asking price.


Click the image for a larger version of the chart.


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.
 

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.

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