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Saskatoon real estate week in review: April 19-23 2010

Saskatoon real estate sales continued to push towards the high end of the range of unit sales that we’ve been seeing lately. Eighty-eight single-family homes and condominiums traded hands through the course of the week, seven fewer than last week, but right on par with the same period last year.


After posting two consecutive record weeks for this calendar year, new listings of Saskatoon homestook a tumble and fell to their lowest level in the past five weeks with just one hundred and thirty-six properties offered for sale, a decline of thirty-two units compared to last week, but still exceeding the number of houses and condos listed during the same week in 2009 by four.


Click the image for a larger version of the graph.


In spite of strong sales and weaker listing activity, the inventory of Saskatoon residential listings continued to grow gaining thirty-four units over the previous week to finish at 1,214. Still, total active listings sit roughly two hundred and fifty units lower than they did at this time last year. This week, the majority of the gains were counted in the condo category, which moved from 416 to 436, while single-family homes picked up just ten units over the week to finish at 717.


2008 and 2009 numbers provide little insight into what we might expect this year as the two could hardly be more different. The inventory started to grow late in 2008 and didn’t peak until September. The following year, we see inventory taking off earlier but peaking at lower numbers in early May. This year, inventory began to grow early like it did in 2009 but the growth line is clearly sharper and looking quite a bit more like 2008’s line.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings amounted to thirty, but as usual, the majority of them (twenty-four) came back on the market during the same week bearing a pretty “new listing” banner with days on the market reset to zero. Additionally, a whopping seventy-one price changes were recorded with sixty-five of those moving lower and six edging higher. The inventory that saw increases were mostly new condos in the low $200’s, and two single-family homes priced in the mid $400’s.


The average selling price of a Saskatoon home pushed slightly higher on a week-over-week basis gaining thirty-two hundred dollars to $299,399 and picking up gains of fifteen thousand dollars compared to the same week last year. The six-week average inched up just eight hundred dollars from last week and finished twenty-seven thousand dollars higher than it was at this time last year to close the week at $291,153. The four-week median selling price of a Saskatoon home was $279,900, lower than last week by two grand but twenty-thousand dollars higher than the number recorded during the same week in 2009.


Click the image for a larger version of the graph.


After an unusually large spike in overbid activity last week, above list price sales took a dive and accounted for just three of the eighty-eight sales reported. The average overbid went in the opposite direction increasing by close to four times to $19,112. It was driven higher by one sale that went over by $45,000. Given that it was a new home, on the market for close to one hundred days I expect that the price probably included additional improvements that were not included in the asking price. Ten sellers managed to get their full asking price. Seventy-five negotiated with their buyer to the tune of $7,410 on average.


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.


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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