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Saskatoon real estate week in review: May 10-14 2010

The Saskatoon real estate market remained steady this week as agents reported firm sales on eighty-five houses and condominiums, up just two from last week but down by ten homes when compared to the same week last year.


Meanwhile, new listings in the same categories fell back to 153, a drop of ten from the previous week, but ahead the numbers from the same week in 2009 by eighteen.


Click the image for a larger version of the graph.


The inventory of active residential listings on the Saskatoon MLS system pushed higher again this week to break 1,300 units for the first time since July 18, 2009. As of this morning, there were 1,303 residential properties listed for sale, a solid gain of nearly fifty properties compared to last week, but more than 200 fewer than were available at this time last year. The stock of Saskatoon homes includes 453 condos and 782 detached single-family homes. Detached houses have clocked the largest recent gains moving up sixty units in the past couple of weeks. Given the upward momentum that is evident on the active listings graph it seems likely that listings will peak later this year than last. It was the week of May 23 (next week) in 2009 when inventory reached its high point for 2009 with 1528 listings. After that, it fell steadily for the balance of the year. Given the change this year, we may be talking “up over last year” in just a few weeks if the current trend continues.


Click the image for a larger version of the graph. Cancelled and withdrawn listings were softer this week with thirty-one homes being removed from the system. Twenty of those later re-appeared with days on the market reset to zero. A whopping seventy-three price changes were recorded this week, the largest number I can recall for quite some time. All but one brave soul took their price south while the lone holdout raised theirs by more than fifteen percent to take it well above the $500,000 mark, even after nearly thirty days on the market at the lower price. You sir, have guts. We wish you well.


The steady upward trend that we’ve seen in prices over the past several weeks came to an end as the average selling price of a Saskatoon home fell over thirteen thousand dollars from last week to $292,009. Still, the six-week average managed to inch higher stalling just below 300K to gain roughly eight hundred dollars on last week and beating last year’s number by nearly 20K. The four-week median fell one thousand dollars from last week to finish at $285,000 and recorded a gain of $15,000 year-over-year.


Click the image for a larger version of the graph.


Six of eighty-five Saskatoon home sellers managed to bag a deal at an amount greater than their asking price, by $3,515 on average. Once again, the average overbid amount was skewed higher by one deal that showed a five-figure overbid. Seven sellers got their asking price and seventy-two signed an offer below asking by an average of $8,018 or about 2.7% of the list.


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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