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Saskatoon real estate week in review for Sept 14-18 2009

Saskatoon real estate sales took an upward turn again but stayed well below the peak numbers that we hit just four weeks ago. Eighty-five houses and condominiums were reported sold last week, up from fifty-seven the week before, and doubling production compared to the same week last yearwhen just forty-two Saskatoon homes were sold.


New listings followed a similar pattern, bouncing back from just eighty-five in our last report to one hundred and eleven this past week. During the same week in 2008 there were one hundred and seventeen homes listed for sale. Since late March, new listings have consistently been well below the same week of the previous year. This is the closest we’ve come to a “same week last year” listing number since that time.


Click the image for a larger version of the graph.


Active residential real estate listings saw some small gains this week after falling pretty steadily over the past five months. By the time the dust had settled from Friday’s activity a total of 1091 properties were showing an active status, up just seven units compared to the previous week, but down well over six hundred homes when compared to the same week in 2008. Last year at this time, inventory was just approaching its peak for the year. Still, it seems a little strange to see the sudden change on this graph, especially at this time of year. It will be interesting to watch what happens with the inventory in the weeks ahead.



Canceled and withdrawn listings continued to slow with a total of just twenty-six processed over the week. Sixteen of those homes made a return appearance to the Saskatoon MLS system as a new listing. Sixty-three sellers adjusted the price of their home in hopes of attracting a buyer during this final week of summer.


Average selling prices slid back to earth after a couple of weeks that were unusually high. The average came in at just $273,393 and more buying action in the lower price ranges pushed the median sale price for the week to $256,000. The six-week average selling price for a Saskatoon home took another small dip falling to $284,937 from $286,240 the previous week, to finish below last year’s number by roughly three thousand dollars. The four-week median selling price was pushed lower, falling eight thousand dollars from the previous week to $265,000, off from $272,000 for the same week last year.


Click the image for a larger version of the graph.


The average underbid fell from $11,430 last week to $10,359 this week, while the average discount, expressed as a percentage of the asking price fell to just 3.3 percent, down from 4.6 percent the week before. Nearly seventy percent of this week’s sellers managed a sale within $10,000 of the asking price, and another twenty percent finished within $15,000.



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.


Remember, our Saskatoon home search tool offers MLS listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.


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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