CONTACT

Saskatoon real estate week in review: June 28-July 2 2010

A three-day work week for staff at SRAR saw Saskatoon real estate sales and new listings tumble recording some of the lowest numbers we’ve seen since February.


Local Realtors® reported just fifty-eight firm sales of detached houses and condominiums by the close of business Wednesday, down from eighty-three last week, and below the eighty-nine units sold during the same week a year ago. Condo activity remained relatively strong claiming twenty-four sales while single-family homes recorded thirty-four.


Over the course of the week agents introduced sixty-nine single-family home listings and seventeen condos for a total of eighty-six new MLS® listings, down from 123 the week before and lower than the 119 new listings that entered the system during the same week in 2009.


Of course, a new month also began this week. Six consecutive weeks of year-over-year declines in unit sales took its toll on the monthly sales numbers for the second month in a row. June closed with a total of 364 sales in the residential category, down roughly seventeen percent compared to last year.


Click the image for a larger version of the graph.


After five weeks of flat lining, the residential inventory of MLS® listings finally took a clear direction as month end expired listings pushed the numbers lower. Still, the week-over-week decline of fifty-five units was not enough to prevent listings from moving higher on a year-over-year basis for the first time in 2010 as the week closed with a total of 1372 listings to mark a gain of thirty properties compared to the same time last year. Today there are 828 single-family homes and 470 condominiums showing an active status. Single family home inventory gained just three units over the same period last year while condos jumped forty-seven. Fewer duplexes, semi-detached, mobiles and vacant lots account for the other changes.


Click the image for a larger version of the graph. Active Saskatoon real estate listing on MLS at July 3 2010


Cancelled and withdrawn listings came in at just thirty-five this week with twenty-two of those doing a same day return to the system as a new listing. An additional thirty-one Saskatoon home sellers adjusted their asking price this week.


With more than half of Area 1’s sales being smaller condos, not to mention a lack of transactions in the luxury category, the average selling price of a Saskatoon home slid toward annual lows finishing at just $269,992, about a thousand dollars shy of last year’s number. The six-week average slipped to its lowest point since the week of April 23 finishing the week at $295,933, down three thousand dollars from the week before but up over fifteen thousand dollars compared to the same week last year. The four-week median made its largest single week move since the week of March 12and fell ten thousand dollars to $275,000, just twenty-seven hundred dollars higher than it was at this time in 2009.


Click the image for a larger version of the graph.


Fifty-one of fifty-eight sales were wrapped up below the asking price by an average of $8,075. After a few months in the high 2’s, the average discount expressed as a percentage of the asking price broke the three percent mark. Three sellers managed to settle at their asking price and four completed a deal above that number recording an average overbid of $2,354.


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.


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.
 

Posts By Date
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