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Saskatoon real estate week in review: March 29-April 2 2010

Just as the Saskatoon real estate market was showing signs of heating up a short work week brought unit sales back down to pre-spring levels. Local agents reported just sixty-five house and condo sales this week, down from ninety-four the week before and falling short of the seventy-four Saskatoon homes sold during the same week last year.


A short week didn’t keep prospective sellers from getting their property listed though. One hundred and forty-two properties were added to the MLS database as new listingsover the course of the week including one hundred and two single-family detached houses and forty condominiums.


Click the image for a larger version of the graph.


The inventory of active MLS listings in Saskatoon moved higher for the ninth consecutive week pushing to 1,054 units, a gain of thirty-eight properties over the close of the previous week, but still down from this time in 2009 by nearly three hundred and fifty homes. As of today, there are 630 single-family detached houses for sale, up thirty-five from last week to mark the second consecutive week during which nearly all of the inventory gains could be attributed to this property type. There are currently 372 Saskatoon condos showing an active status, down from last week’s number by one. At this time in 2009 there were 859 detached houses and 453 condominiums for sale in the city of Saskatoon.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings matched last week’s number of twenty-four. Seventeen of those homes were immediately relisted on the multiple listing service to set their “days on the market” back to zero. An additional forty-two properties took a price adjustment this week.


The average selling price of a Saskatoon home moved lower on a week-over-week basis by six thousand dollars to $283,496 and finished roughly ten thousand dollars above last year’s level. The six-week average slipped lower by thirty-seven hundred dollars to $282,234 to finish fifteen thousand dollars above the same week in 2009. The four-week median moved up by twenty-eight hundred dollars from last week to $273,839 and recorded a gain of nearly fourteen thousand dollars on a year-over-year basis.


Click the image for a larger version of the graph. Average and median prices for Saskatoon MLS listings sold March 29-April 2 2010


Ten of sixty-five sales reported a final price that exceeded the asking price by an average of $7,743. I believe that’s the highest average overbid and the highest percentage of overbid sales to date this year. Three properties received particularly large overbids, the likes of which we haven’t seen in quite some time, producing numbers that were $16,000, $17,000 and $20,000 above list price. Remarkably, eight of the ten overbid sales were priced well above Saskatoon’s average selling price including three that topped the $500K mark to prove that even a price range swimming in excess inventory can catch a lucky break with some preparation and a sound pricing strategy.


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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