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Saskatoon real estate: Week in review (May 26-30 2008)

New residential listing activity in the Saskatoon real estate market continued at a more moderate pace for the second week in a row with a 185 (197 total residential) single-family homes and condominiums being placed on the market. Active listing edged up slightly from 1,125 last week, closing out this week at 1,154 units including 1,059 single-family homes and condos.


There is some evidence that listing activity is beginning to moderate to a more normal, perhaps even below normal pace. While new residential listings in May 2008 came in at 783, compared to 707 in May 2007, a quick audit of our MLS system suggests that it’s likely that fewer properties were listed in May 2008, than last May. I note a total of 212 cancellations were processed last month. I checked the status of about two-dozen of these cancelled listings and all but one had been re-listed, causing them to appear in the “new listing” category more than once. This is a common strategy that agents use when adjusting the price of a listing. By cancelling and re-listing, the property has the benefit of a prominent location in our system and agents more easily notice the reduction. This kind of activity was almost non-existent in May 2007.


Yet, the database of active listings grew by more than 300 units through the month of May. Most of this growth can be attributed to a decline in overall demand. At this point, there are 368 sales reported for May. Last year, there were 581 sales for the same period. May 2008 will be the third month of declining unit sales, which shouldn’t come as a big surprise.


Anyway, I’ll get back to the past week by noting that 82 houses and condos were reported sold, up fairly significantly from last week but still below average when compared to recent weeks.


Overbidding activity cooled off again with just about 10% of the weekly sales reporting sale prices above list price. The average overbid on those sales dropped below $10,000 again. 57 home buyers managed to get a bit of a break, negotiating an average of $8,477 off of the asking price.


The average selling price of a Saskatoon home was $309,158 for the week, the strongest recorded in the past five weeks, excepting the week of May 12-16, when a $1.7 million dollar sale skewed the number to just over $326,000.

Saskatoon real estate: Week in review (May 26-30)


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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