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Saskatoon real estate: Week in review (November 12-16 2007)

Yet another week of Saskatoon real estate activity is behind us, and while the numbers look more or less similar to those that we’ve seen in recent weeks, there is at least one notable change which is worth pointing out. The “average overbid” column has finally lost almost all of its relevance. While there were still eight Saskatoon houses or condos which were reported as having sold above the asking price, the average amount at which they sold over list dropped to its lowest level this year at just $1,213. The total amount that these eight properties were over was only $9,700. Compare that to the first week in August when buyers paid a total of $1,244,138 more than asking price, or even to the week of October 15-19, which recorded the previous low number at $57,200. Things are definitely different.


On the other side of the market, where most properties sold for less than list price, successful sellers discounted their homes by a total of $540,200 and the “average underbid” was more than $10,000 for the third week in a row. Approximately 10% of the fifty properties which sold below list price accepted discounts of $20,000 or more, with a few approaching the $40,000 mark.


Even still, the average asking price and the average selling price of the Saskatoon homes which did trade bounced back in a serious way from last week, once again reaching their highest levels for 2007. It’s clear that buyers have many more options to choose from but they’re still willing to pay a premium price for a good property in a good location.


Buyers and sellers should both take great care to examine recent sales to ensure that they’re thinking is in the right ballpark. Obviously, buyers want to proceed with caution when there are homes on the market that are priced too high by $40,000, or more. Sellers would be wise to ensure that they avoid such drastic pricing errors. Properties which are grossly overpriced fail to attract much interest and often sell for less than they would have, had then been properly priced in the first place.


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. Norm Fisher Royal LePage Vidorra

Norm Fisher, TeamFisher

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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