CONTACT

Saskatoon real estate week in review: December 27-31 2010

2010 closed with a reasonably decent week for Saskatoon real estate, given the season. Local agents reported thirty house and condo sales to the MLS system, a drop of seven when compared against the previous week and a gain of five compared against the same week a year earlier.


New listingswere also stronger than expected as Saskatoon home sellers offered up twenty-five single-family homes and condominiums over the course of the week, a drop of five from the week before and up from thirteen compared to the same week in 2009.


Click the image for a larger version of the graph.


Total active listings took their biggest month end dip for the year as one hundred and twenty-one Saskatoon home listings expired without a sale. The corresponding drop to residential inventory moved it below the 800 mark for the first time since last February to close December with 788 listings, 134 units lower than it was at this time last week but still higher than the 619 properties available at the close of 2009. This isn’t at all unusual for December, and often, a couple of pretty aggressive listing weeks can follow as some of these homes come back on the market in early January. Condominiums saw the greatest week-over week percentage decline sliding from 363 units last week to 298. Single-family homes slid sixty-seven units over the course of the week to close at 439.


Inventory appears to be in reasonably decent shape with a supply of single-family homes below four months and condos at less than six based on December sales, which will almost certainly represent the trough, at least for the next few months. Still, if the active listings chart makes anything clear, it’s this; where you start the year provides little insight into where you might end up. We came into 2008 with some of the weakest numbers we’ve ever seen and ultimately reached record highs. In 2009, we entered with record highs and finished toward normal lows.


Click the image for a larger version of the graph.


Listing cancellation and withdrawal activity reached its lowest point for the year with just eight contracts coming out of the system. Two went back up immediately as a new listing. An additional twelve properties saw a price adjustment.


While the median sale price for the week remained pretty stable at $279,500, the average selling price of a Saskatoon home moved sharply lower this week sliding more than thirty-five thousand dollars to $282,254. The six-week average selling priced edged lower to $307,178 losing nearly four thousand dollars on the week while gaining about fifteen thousand compared to the same period in 2009. The four-week median actually reached it’s lowest point since late August as it slipped marginally below the lows of late October and early November to settle at $280,000 bringing a week-over-week decline of nine thousand dollars and a year-over-year gain of just $2,750.


Click the image for a larger version of the graph.


A quiet week for sellers seems to have brought some benefits for buyers. We not only saw some of the lowest prices since the middle of 2010 but some of the deepest discounts and the highest percentage of underbid sales. Buyers came up with a discount averaging $13,636, or 4.6% of the asking price in twenty-nine of the thirty deals reported this week. One seller managed an overbid of just $349.


Click the image for a larger version of the chart.


Our Saskatoon home search tool offers MLS® listings from all real estate brands with the most detail and information available anywhere. Check it out here.


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.

The Saskatoon Region Association of REALTORS® (SRAR) IDX Reciprocity listings are displayed in accordance with SRAR's MLS® Data Access Agreement and are copyright of the Saskatoon Region Association of REALTORS®.
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatoon Region Association of REALTORS® displayed on this site is refreshed every 2 hours.
Google Analytics Alternative