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Saskatoon real estate: Week in review (October 15-19 2007)

I am officially declaring an end to the Saskatoon real estate “boom.” :)


It’s not like it was a terrible week for real estate sales, or for sellers of Saskatoon homes. Unit sales were up over the previous week with 63 houses and condos changing hands. The average list price of the homes which did sell reached an annual high of $264,430 and average selling prices were also among the highest recorded at $259,990. It’s looking almost certain that October will produce a new “average price” high with month to date sales coming in at a whopping $266,000, up sharply from $241,537 in September.


On the other hand, it appears likely that October may see a decrease in total unit sales when compared to October, 2006. There’s no question that decreased demand and increased supply is providing active buyers with more options and less competition in the Saskatoon market. Total active residential listings closed the week at a new high for the year (and last year); 675 units.


Most notable though was the sharp decline in aggressive overbidding. A full 70% of the homes which sold last week went for less than the asking price, and by $7,658 on average. Only 13% sold above the list price which is almost half as many as the previous low. The decline was sharpest in areas 1, 2 and 3 where only 3 of 38 sales managed an above list selling price. The average overbid declined to its lowest level since the week of February 26 at just $7,150.


So while it may not say “boom,” it’s certainly not a bust. To me, current activity levels look pretty typical of what we normally expect of October in Saskatchewan.


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, 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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