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Saskatoon real estate: Week in review (May 11-15 2009)

Following a soft week, firm sales of Saskatoon houses and condominiums bounced back to reach their highest level for any week this year with a total of ninety-five units trading hands. You’ll have to look back to the final week of April 2008 when one hundred and seventeen sales were recorded to find a week that produced a higher number of sales. Units increased by fifty percent over last week when just sixty-three home sales were reported and finished slightly higher than the same week last yearwhen eighty-nine Saskatoon home owners saw a sold sign go up. This is just the second time this year that weekly sales were up on a year-over-year basis.


New listings, on the other hand, retreated from last week’s spike falling from one hundred and ninety-six to one hundred and thirty-five units and dropping more than forty percent from the same week last year when two hundred and twenty-nine homes were offered for sale. In spite of stronger sales and weaker listing activity, the total inventory of properties in the residential category managed to hold steady at 1,506, just one unit below last week’s number. As of the close of business Friday, nine hundred and seventeen single-family homes and five hundred condos were showing an active status. Last year at this time there were 1,051 active residential listings on the Saskatoon MLS.


One hundred and eight sellers made an adjustment to their asking price this week, perhaps the largest number of changes that I can recall in any given week. That doesn't include twenty-five of fifty-two canceled listings which re-appeared as new listings, most at a new price.

At the same time, prices continued to move higher as the average selling price of a Saskatoon home came in more than $8,000 ahead of last week to settle at $287,949. The six-week average took its sixth consecutive weekly gain picking up nearly three thousand dollars and reaching $280,090. Still, it remained about eight percent lower than last year’s number of $304,874. The four-week median held steady at $270,000 down just seven thousand dollars from this same week in 2008.


Click the image for a larger version of the graph.


Saskatoon home sellers found a little more love at the bargaining table as the average underbid dropped from $13,278 last week to $11,854 this week. With the increased asking and sale prices this week, that underbid represents a discount of just 3.4% compared to 4.5% the week before. Nearly forty percent of the homes that sold went within $5,000 of the asking price while another twenty-four percent sold in the $5,001 and $10,000 discount range.


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.
 

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