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Saskatoon real estate: Week in review (July 23-27 2007)

The active listing inventory of Saskatoon homes for sale inched higher again for the eighth consecutive week. 131 new residential listings were offered for sale while only 81 actually traded, leaving a total of 429 homes displaying the active status. This is probably the highest number that we’ve seen so far this year but it’s still well below the levels which would be required to bring balance to a heated market. Over the last number of years we have typically operated with 600 to 700 active residential listings.



In spite of a growing number of listings offered in the Saskatoon real estate market, overbidding continued to occur in a little better than 60% of the recorded sales, but the average overbid was down about 20% from the previous week.



While I’m not in a good position to dig a lot deeper on this point right now, my initial glance at the numbers leads me to believe that there are more properties trading closer to the asking price ($100-$10,000) than there have been in previous weeks. In most areas the average overbid is skewed upwards by a few extraordinary sales, like a Lawson heights condo listed for $199,900 and selling for $285,000. Buyers will want to take some care in the “bidding” process and not get carried away. Many smart minds are expressing great concern about affordability of Saskatoon homes and if inventory continues to grow this market may be seeing its peak for the time being. (See last week’s review for some great insights from our readers and the media).


Notable sales



Forest Grove apartment (1,070’) sells for $220,500.

Silverspring bungalow (1,040’) on a busy street goes at $341,000.

North Park bungalow (792’) with a double detached garage brings $232,500.

Showy Lawson Heights bi-level (1,120’) without a garage sells at $345,000.

Confederation Park two-storey (1,364’) with a double detached garage fetches $275,000.


Thanks to all the readers and commenter’s on last week’s review for carrying the ball this past week.

 

I have been away on vacation and won’t return to Saskatoon for another week. I’ve been checking in from day to day but I’ve had little time to participate in the discussion. With so many hours spent away from home over the first half of this year, we’re trying to get caught up and keep our minds focused on family. She was gracious enough to “go shopping” for a couple of hours today so I could prepare this week’s review. Again, thanks so much! I really do appreciate your participation and the additional information and insight which you bring to the review.

 


  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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