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Saskatoon real estate week in review: July 26-31 2010

Saskatoon real estate agents saw a reasonably decent sales week as fifty-one detached single-family homes and thirty-one condominiums changed hands for a total volume of eighty-five units across the two housing types. Sales slipped by just three units from the previous week, and by six when compared to the same week last year.


Listing activity cooled significantly and closed below one hundred units for the second time in July. You have to look back to February to find another week during which new listings were this low and you won’t find another week this year in which sales came so close to matching the listing numbers. Total new listings declined twenty-two units from last week to eighty-eight, three fewer than were listed during the same period in 2009.


Click the image for a larger version of the graph.


Total active listing began to show some signs of taking a direction as the total number of residential properties displaying an active status slid by twenty-four units this week to finish at 1345, the lowest level since the middle of May, but still more than nine percent above levels recorded at this time last year. As July closes, another forty-three listings are due to expire from the Saskatoon MLS® so it’s realistic to expect that total actives will move lower and may even break the 1300 mark by the close of next week.


As of this morning, there are 803 single-family homes and 468 condominiums available on the multiple listing service®. Last year at this time there were 741 and 393 respectively, so houses are about ten percent more plentiful while condo inventory has climbed nearly twenty percent year-over-year.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings increased roughly ten percent over last week to thirty-four units. As usual, about half of those returned for another go brandishing a new MLS® number. An additional seventy-four Saskatoon homes sellers adjusted their asking price. Roughly seventy-five percent of those reductions were on properties priced above this week’s median of $270,000. The upper end market remains a challenge for sellers looking to move a property as buyers are faced with an abundance of choice and practically no pressure to move quickly.


Speaking of lots of choice, it won’t come as a big surprise that high-end condos continue to lead in terms of total months of supply. The owner of the Rumley Distinctive Loftsmade an aggressive move this week, significantly reducing prices on the nine unsold units in the building. The price on four of the nine fell by ninety thousand dollars. One came down by one hundred thousand dollars. A collective drop of nearly $650,000 is like a “buy eight, get one free deal” but you’ll still need to produce more than a half million dollars ($569,900) to crack the entry level of this unique and interesting project.


After a few weeks of softening prices all three measures that we track moved higher. The average selling price of a Saskatoon home was $290,455, up about eleven thousand dollars from last week and about the same as it was a year ago. The six-week average price moved higher to $291,426 to record a gain of just over a thousand dollars when compared with the previous week, up about thirty-five hundred from the same week last year. The four-week median saw the greatest gains, up five thousand dollars on the week, and four thousand dollars on the year, to $280,000.


Click the image for a larger version of the graph.


As a percentage of sales, overbids were slightly higher than they have been for a while with six of eighty-four properties going above the asking price. An additional six sellers got their full asking price. Seventy-three sales were closed below the list price by an average of $9,848 or an average discount of 3.3% of the asking price.


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.


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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.
 

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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