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Saskatoon real estate week in review: October 25-29 2010

Saskatoon real estate agents reported firm sales on fifty-six houses and condominiums this week, thirteen fewer than were reported to the multiple listing service during the previous weekand well below the eighty-three homes that sold during the same week last year. As the week drew to a close, so did the month of October. With the last opportunity to report MLS sales for October of 2010 behind us, the month closed with a total of 262 residential sales, fifteen percent below last year’s total of 309 units, but just slightly below the five-year average for October of 269 properties.


New listings remained steady at eighty-five on a week-over-week basis but took a good jump when compared against the same period in 2009 when just sixty-three sellers offered their Saskatoon homes for sale.


Click the image for a larger version of the graph.


The inventory of active residential MLS listings continued to slide for a seventh consecutive week as the total number of listings slipped fifteen to 1210 but remained stubbornly higher than last year at this time when just 943 properties were for sale. As of today, there are 734 single-family homes and 414 condominiums showing an active status on the Saskatoon MLS system. Last week at this time those numbers sat at 739 and 421 respectively. Compare those stats to 552 and 321 at the same point in 2009. In the next two days, sixty-one MLS listings are due to expire. I expect a small handful of those will be extended before the deadline hits but total inventory numbers should fall well below 1200 before business at the real estate board resumes on Monday morning.


Click the image for a larger version of the graph.


Cancelled and withdrawn listings fell off again to just thirty-three listings. Eighteen of those re-entered the system disguised as a “new listing,” most at a lower price. An additional forty-eight price adjustments were processed on houses and condos this week.


While this week’s sales included a broad range of prices and a median sale price well towards the lower end of the range in recent months ($277,250), a couple of high-end sales worth more than $1.6 million dollars combined pushed the average selling price of a Saskatoon home higher again to $305,451. The six-week average price managed to move in a downward direction for the fifth week in a row to settle lower by just six hundred dollars compared to last week, and twenty-five thousand dollars higher than it was at the close of the same week last year. The four-week median price also fell lower losing nine thousand dollars on the week to settle at $281,000, recording a gain of seventeen thousand dollars on the same week in 2009.


Click the image for a larger version of the graph.


While there was four overbid sales reported this week, three of them were new homes that likely included some additional improvements to bring the price up by an average of $14,350. Three sellers managed a deal at their full asking price while forty-nine of fifty-six home buyers negotiated a below list price with an average discount of $10,501 or 3.4%.


Click the image for a larger version of the chart.


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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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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