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Saskatoon real estate: Week in review (May 19-23 2008)

New listing activity softened some this week as 179 single-family homes and condominiums were offered up for sale on the Saskatoon real estate market, finishing under 200 for the first time in five weeks. A similar softening occurred in the sales column with just 69 residential properties changing hands including 61 houses and condos, the lowest level of sales recorded for any week since January 14-18. With just 260 sales recorded for May, and just one week remaining in the month, it’s clear that unit sales will be off significantly from May, 2007 when they reached 500 units.


Total active listings reached a new high at 1,125 residential units. At present, there are 715 single-family homes (houses) and 315 condominiums available to Saskatoon home buyers.


Overbidding returned to the lower levels we’ve seen in recent weeks with just 9 properties (14.75%) recording sale prices above the asking price. A full 75% of home buyers were able to negotiate with their chosen seller to the tune of about $11,000 on average. This is the first week where the average underbid crept above $10,000 and the second largest average since we started recorded underbidding last August.


The gap between list price and selling price continued to widen.While the average selling price remained pretty strong at $295,238, nearly 20% higher than it was at this time last year, sellers are starting to get the message that the market has softened. So far in May, 241 price adjustments have been processed on the local multiple listing service.

Saskatoon real estate: Week in review (May 19-23)


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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