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Saskatoon real estate week in review: May 17-21 2010

Saskatoon real estate agents reported a total of eighty-two sales of detached houses and condominiums to the local MLS system this week, a drop of just three from last week, and on par with the same week in 2009. For the month, residential sales are pretty much even with last year. To date, 253 properties have been reported sold compared to 255 by this time last year.


New listings of detached houses and condos continued to show some real strength picking up four units from last week to finish at 157, a gain of nineteen homes when compared with the same week last year.


Click the image for a larger version of the graph.


Active listings in the residential category bolted higher to record the largest weekly increase this year. As of this morning, there are 1,376 residential properties showing an active status on the Saskatoon Multiple Listing Service, up seventy-three from last week but still lower than the 1528 which were available at the close of the same week last year when inventory hit its peak for 2009. As the growing inventory is showing no signs of softening I expect that we’ll be talking about year-over-year growth in available listings for the first time since June of 2009 within the next few weeks.


At the same time, sales should begin to soften some as we move into June causing the total “months of inventory” to see some gains and ushering in more favourable conditions for buyers. Sales in June and July of last year were uncharacteristically strong as interest rates fell to historic lows. It’s highly unlikely that those sales numbers are realistic for 2010 so we’ll probably start hearing reports of growing listings and declining sales by the close of June.


Click the image for a larger version of the graph. Cancelled and withdrawn listings picked up some stream and increased by fourteen from last week to forty-five, though the majority of those (34) were immediately relisted. Price changes jumped higher to eighty-four with the majority moving lower while a small handful of condos at the Silverleaf on Main Street moved higher.


The average selling price of a Saskatoon home inched higher gaining almost three thousand dollars from last week to finish at $294,920. The six-week average slipped just over a thousand dollars on the week to $298,710 and finished higher than the same week last year by twenty-two thousand dollars. The four-week median

bounced higher and gained four thousand dollars on the previous week to reach $289,000, up nineteen thousand dollars year-over-year.


Click the image for a larger version of the graph. Roughly ten percent of Saskatoon home sellers got a little more than they asked with an average overbid of $2,293 while sixty-eight did a deal below the list price at an average discount of 2.5% or $7,403. Click the image for a larger version of the chart.

An overview of data collection and calculation practices for our statistical reports is here.

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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