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Saskatoon real estate week in review - August 24-28 2009

Saskatoon real estate sales took a rather significant turn this week, falling to their lowest level since early May with just sixty-five homes sold, down from an exceptionally strong number of one hundred and fourteen the week before. Unit sales still managed to come in a higher than the same week last year when only fifty-three homes changed hands. On a brighter note, the week came to a close with three hundred and sixty firm residential sales reported for August, up from two hundred and fifty-four for August 2008, and well above the five-year August average of three hundred and seventeen Saskatoon homes sold. With just one more reporting day in August, it seems doubtful that we’ll see the same record breaking performance that we saw in Julybut we will almost certainly come close to our peak sale levels of 397 homes sold in August 2007.


New Saskatoon MLS listings also took a bit of a dip, though not nearly as dramatically as the slide in unit sales. Agents offered ninety-one houses and condos for sale, ten fewer than last week, and down thirty properties when compared to the same week last year.


Click the image for a larger version of the graph.


Total active residential listings managed to fall slightly finishing the week at 1152, down just thirteen from last week, but well off of last year’s 1676 homes. Single-family home stock remained steady at six hundred and seventy-six while condominium inventory picked up five properties to finish at three hundred and eighty-five. Losses in other categories (duplexes, semis, etc.) brought the marginal overall decline.



In prices, forty-seven price changes were recorded over the course of the week. An additional twenty-two Saskatoon home sellers pulled the old, “I’m out, no, I’m in” trick by canceling an existing listing and bringing the home back on with a new MLS number.


Prices softened slightly by all three measures this week with the overall average sliding just over thirty-five hundred dollars to $278,932. The six-week average slipped less than a thousand dollars, remaining just twenty-three hundred dollars lower than it was for the same week last year. The four-week median price slipped fifty-five hundred dollars to end at $274,500, about five thousand dollars below last year’s number.


Click the image for a larger version of the graph.


The average underbid on Saskatoon homes that sold for less than the asking price fell again to $8,609, down just about a thousand dollars compared to last week when it was $9,605. That’s a discount of just 2.5%, nearly half of what we were seeing just a few weeks ago.


Seventy seven percent of sellers who took a deal below their asking price managed to close without dropping more than ten thousand dollars.


Overbid sales nearly disappeared with just two buyers offering to pay more than the asking price (one just barely), compared to eleven the week before.




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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