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Saskatoon real estate week in review: October 4-8 2010

Saskatoon house and condo sales took a downward dip this week, slipping fourteen units from the week before to sixty-one, and falling short of matching sales for the same week in 2009 by just one.


New listing activity also softened, though less significantly, falling just three units from last week to ninety-six, ten fewer than we saw offered for sale over the same period last year when Saskatoon real estate agents brought 106 properties to the multiple listing service.


Click the image for a larger version of the graph.


Active Saskatoon real estate inventory (all residential listings) continued to slip lower shedding just seven units from its numbers to finish the week at 1266 and reaching its lowest point since the week of May 7. Following a fairly substantial drop resulting from end of the month expired listings, seller’s are naturally wondering if those listings will come back to the market after the holiday weekend, or if we’re finally beginning to see the seasonal slide that has eluded us for months since inventory leveled off in late June.


As of this morning, there is a selection of 770 single-family homes and 427 condominiums offered for sale on the Saskatoon MLS. Last week at this time there were 767 single-family homes and 437 condos. At this time in 2009 there were a total of 1,040 active residential listings including 608 single-family homes and just 362 condominiums.


Click the image for a larger version of the graph.


Forty-eight cancelled or withdrawn listings were processed this week while thirty-one of those made another debut bearing a shiny new MLS number. Price adjustments took a sharp jump increasing by twenty-seven over last week as seventy-five Saskatoon home sellers sharpened their pencil in hopes of working out a deal before winter sets in.


This week brought another round of sales that seems to show a fair, or at least more normal distribution of home purchases at both the upper and lower ends of the market. The weekly median sale price slipped lower by about ten percent compared to last week, closing at just $277,000. Are entry-level buyers starting to come back? The average selling price for the week slid almost as much falling back below the $300 mark to settle at $295,488. The six-week average sale price inched lower slipping nearly three thousand dollars from last week to $308,978 and picking up a gain of almost twenty-four thousand dollars over the same week last year. The four-week median price dropped forty-five hundred dollars on a week-over-week basis to $289,450 to claim a gain of just over twenty-six thousand dollars from the same week a year ago.


Click the image for a larger version of the graph.


Overbid sales continued to be nearly non-existent with just one seller making a deal for a price greater than list, and only by $100. Another four sellers managed to get their full asking price while fifty-six of sixty-one Saskatoon home buyers were able to negotiate a discount averaging about 3.5% of list, or $10,899.


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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