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Saskatoon home prices see significant rise in January 2007


January is not normally one of the biggest months for real estate. We’ve just been through the holiday season, blown a wad of cash and on top of all that, it’s damned cold. Normally, only the most motivated buyers manage to get out and look at homes. This January, they were out and the numbers indicate that most of them were motivated!


Sales statistics just pulled from the Saskatoon Real Estate Board’s MLS® system show a 60% increase in dollar volume for resale homes traded in January 2007 as compared to the same month last year. There were 219 homes which traded hands, up from 173 the year before. The average selling price of a Saskatoon home jumped 27% from $149,922 in January of 2006 to $190,037 this past month.


Total active residential listings stand at just 272 homes. That’s 46% fewer properties available now as compared to last year at this time. Look for more increases to come as buyers continue to fight for a place to live.


I’ll share a couple of real examples which I think give a pretty good indication of what occurred through the month of January.


Shorebird Watch is a condo complex that is being marketed in Lakeview. They offer 2 bedroom units of approximately 870 square feet. These units hot the market in May and were priced around $80,000 at that time. A series of small increases occurred throughout the coming months and they reached $90,000 by the end of the year. January brought two $5,000 increases to boost asking prices for these homes to just over $100,000.


Consider next, Pine Creek, a Jastek project in the Lakewood area offering townhomes of approximately 1,150 square feet. They’re very nice two-storey homes with open basements and the units which are selling today are scheduled to be completed in November. On January 13 these units were priced at $153,400 for a base model with no extras. On January 14 the prices rose to $158,400. Today, the same unit is selling for $169,400, an increase of over 10% during the month of January.


Of course, not all housing units will be affected to the same degree. Properties priced below the average selling price often go up quicker as entry-level buyers scramble to try to firm up a deal before they get priced out of the market.


Make no mistake, it’s a hot market! My advice to buyers? Be prepared to pay a little too much today at the risk of paying far too much tomorrow. You must be prepared to write an attractive offer if you have much hope of seeing it fly.


My advice to sellers? Make darned sure that if you sign an MLS® listing that the home actually makes it to the MLS® system.


I’m always happy to answer your Saskatoon real estate questions. 


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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