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Saskatoon real estate: Week in review (February 4-8 2008)

Saskatoon real estate sales slid slightly again this week while new residential listings took a pretty substantial jump. As a result, total active listings were up close to 10% over the previous week with a total of 377 properties displaying a for sale sign. At the close of the week there were 182 houses (detached single-family homes) and 154 condominiums for sale in Saskatoon.


While you wouldn’t guess it from the numbers alone, the market was extremely active and agents were reporting stories of new listings attracting large numbers of showings. One new listing that I brought on recently had 31 buyers through it between noon and 6:30 PM, the day we opened it for showings. I think that the weaker sales numbers can be explained by the return of the “delayed presentation of offers” strategy which has very suddenly become the prevalent practice once again.


In spite of massive increases in asking prices over last year, “overbidding” once again became fashionable and approximately 37% of the Saskatoon homes which were reported as sold went for more than the asking price. This is the highest percentage of sales in this category since to week of September 10-14, and well ahead of the numbers we were seeing at this time last year. Average overbids once again jumped into five figure territory, and reached a whopping $16,700 in area 4.


The average underbid was also fairly substantial at close to $9,000. This is an indication that there’s a fair bit of product out there with a well padded list price and buyers should really take some care in deciding on an offer strategy.


I find myself saddened and frustrated at the prospect of another insane spring in Saskatoon housing. Let’s hope that this run is shorter and less substantial than the last.


See a Google map displaying the boundaries of Saskatoon real estate “areas” here Data collection and calculation for our statistical reports


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.
 

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