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Saskatoon real estate week in review: June 7-11 2010

Compared to last week, Saskatoon real estate sales slipped lower by six units to close the week with seventy-two firm detached house and condominium sales. This week’s activity was about on par with the same week in 2009when seventy-three homes traded.


New listingsfell a little harder than sales and may have even signaled that we have passed our peak listing weeks for 2010. Agents processed listings for eighty-four single-family detached houses and thirty-one condos on the Saskatoon multiple listing service® this week. The total of 115 homes represents a drop of twenty-five homes compared to last week and five fewer than were offered for sale during the same period last year.


Click the image for a larger version of the graph.


Single-family inventory grew by fourteen this week to 828 while the total number of available condos slipped lower by eight to 504. As this same week came to a close last year there were 908 houses and 493 condominiums showing an active status on the Saskatoon MLS®.


The inventory of residential properties listed for sale continued to maintain a fairly straight line for the third week in a row gaining just five units over the course of the week to finish at 1406, eighty-nine fewer than were for sale at the same time in 2009. Only time will tell if the black line will suddenly continue higher or take a downward curve but history suggests that the line doesn’t stay straight for long and once it heads lower it generally continues that downward trek through the balance of the year. The next couple of weeks should tell the story.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings inched lower from forty-two to thirty-eight with just half of those making a return appearance with a new MLS® number and a new listing banner. An additional sixty-three sellers signed a price adjustment.


Prices cooled considerably compared to the lofty heights they reached last week but continued strength in the upper end market kept the average selling price pretty close to peak numbers for 2010 at $310,082. The six-week average crept higher by six hundred dollars compared to last week to finish at $300,689, nearly twenty-four thousand dollars higher than it was for the same period last year. The four-week median held steady at $289,000 to claim a year-over-year gain of almost twenty-two thousand dollars.


Click the image for a larger version of the graph.


Sixty-one of seventy-two reported sales occurred below the asking price by an average on $8,549, or 2.7% of the asking price. Eight buyers paid what the seller was asking and three area 2 home buyers paid more than list by an average of $7,983. One of the three sales reported a price that was $22,500 above list and accounted for the majority of this week’s overbid dollars. It was a new condo so the extra dollars were most likely paid for upgrades.


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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