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Saskatoon real estate: Week in review (May 5-9 2008)

This past week delivered more of the same to the Saskatoon real estate market as new residential listings continued to be offered up at a pace we haven’t seen in quite some time. In total, 265 new listings were entered to the Saskatoon MLS system including 193 single-family homes (houses) and 55 condos. The total residential listing inventory finished the week at 962 units, up from 844 last week. Home buyers are encouraged by a fairly decent selection of homes in almost every area of Saskatoon.


86 sales of houses and condos were recorded, down slightly from last week but matching the performance that we saw during the same week last year. Demand remains remarkably high given the sharp price increases that we’ve experienced over the past year, but it’s not hard to see how significantly the market has changed as we quickly move towards balance. Saskatoon homes are still selling well, but stiff competition amongst sellers drove average selling times to 23 days last week, up from just 9 days for the same week last year.


I note though that expired listings remain quite low. There have only been 10 in this category since April 1, which leads me to believe that there is a lot of recycling going on in the listing arena. Often times, agents will cancel and re-list a property if the seller has chosen to reduce the asking price.They do this because “new listings” have a special place of prominence in the local MLS system and the change is more likely to be noticed by buyer’s agents. 100 listed properties did make price adjustments last week so some sellers are obviously keen on getting a deal done before inventory climbs much higher, and perhaps fearing that we’ll pass right by “balance” and enter a buyer’s market.


The number of homes that were “overbid” remained fairly consistent with last week, as did the average dollar amount.


Average selling prices crept up some, settling at $297,067 compared to $290,346 the week before.

Saskatoon real estate: Week in review (May 5-9)


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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