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Saskatoon real estate: Week in review (June 30–July 4 2008)

New Saskatoon real estate listings dropped again for the second week in row, by just enough to prevent inventories from climbing for the 20th consecutive week. There are currently 1,433 residential listings showing an active status, down just slightly from 1,440 last week. This is the first week during which inventory has declined since the week of February 11-15 when total active listings sat at just 361 units. A total of 171 new residential listings entered the system this week including 163 single-family homes and condos (127 & 36 respectively).


Total sales came in at 70 units, just below last week’s number of 72. Of those reported sales, 68 were houses or condos, an increase of just three units compared to last week.


The average selling price of a Saskatoon home came in below the $300,000 mark for the first time since the week of May 19-23. Condo sales accounted for a higher percentage of total sales this week when compared to previous weeks, driving average sale prices down.


Overbids were nearly non-existent with just three homes reporting sales above the asking price, but the average overbid spiked to its highest level this year, skewed by one massive $66,000 over list offer. Underbidding occurred in 53 of 68 house and condo transactions, with the average underbid falling below $10K once again.


I was really struck by the low numbers of transactions coming out of areas 4 and 5 over the past few weeks. Since around the middle of May, these two large geographic areas have been hard pressed to crack the 20-unit mark collectively. Together, the two area have just 323 house and condo listings, which is also a relatively small percentage of total listings, but hey, 8 sales on the entire west side? Ouch!

Saskatoon real estate: Week in review (June 30 – July 4, 2008)


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.
 

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