Saskatoon real estate: Week in review (October 29–November 2, 2007)

Saskatoon real estate: Week in review (October 29–November 2, 2007)

The most notable change within the Saskatoon real estate market over the past week was the sharp drop in both new residential listings and total active listings. Only 85 properties were offered up for sale, the lowest number for any single week since the week of April 2-5. Unit sales surged forward enough to produce the highest sales to listing ratio since the week of May 21-25. These factors, combined with month end listing expiries pulled total active inventories of Saskatoon homes back to 665 units from last week’s high of 689 properties.

This week did produce the highest percentage of negotiable sellers this year with a full 83% of houses and condos going for less than the list price. Only 10% of reported sales managed a price which exceeded the asking price.

Remarkably, the average list price and the average selling price reached new highs once again at $273,961 and $265,538 respectively. These numbers were somewhat skewed by a single sale in the Nutana area which topped the million dollar mark, a new record for the Saskatoon MLS® system. A negotiated reduction of $171,000 off of the list price pushed the average underbid to its highest level yet at $11,353.

I continue to be amazed at the number of executive homes which are trading above the $700,000 mark. So far this year, we’ve seen 18 sales in this price category. Prior to 2007, only 5 homes had ever managed to top the $700K mark.

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

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