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Saskatoon real estate: Week in review (October 6-10 2008)

New listing

activity in the Saskatoon real estate market picked up considerably this week as 161 new listings were placed on the agent MLS including 105 single-family homes and 46 condominiums. Additionally, 47 of 84 cancelled listings found their way back to the MLS as new listings. I suspect that some of the homes that moved out of the system as “expired listings” at the end of September made a comeback as new listings this week. Still, the total inventory of active listings saw fairly modest growth of 8 units over the previous week, to finish at 1,688 including 1,049 single-family homes and 534 condos.


In addition to the 47 re-lists, most of which returned sporting a new price, 156 Saskatoon home sellers approved a change to their pricing strategy in hopes of luring a willing buyer. The average asking price of all active listings is still a whopping $329,769, some 10-15% higher than average selling prices over the past few months.


A total of 53 residential properties were reported as firm sales, including 49 in the single-family homes and condo category. 45 of 49 sold for less than the asking price while four sellers managed to attract offers at, or above their list price. The average of three overbid sales came in high at $20,533 with the largest of the three boasting a sale price that was $55,000 over asking. This is a new townhouse property so I suspect that the buyer likely negotiated some additional improvements that led to the higher selling price. Those buyers, who managed to negotiate a discount, purchased their new home at an average of $12,376 below the asking price.


Average list and sale prices of the properties that did sell declined again for the third week in a row in spite of yet another residential sale that topped the one million dollar mark. The entire history of the Saskatoon MLS shows 6 sales within city limits that managed a selling price above one million dollars. Five of those occurred this year; three of them were reported after September 15.


The “Saskatoon real estate: week in review” is intended to provide a brief overview of the most recent market activity. Due to the small samples, average prices can vary significantly from one week to the next. For more reliable price trend information, see our most recent “Closer Look at the Saskatoon Real Estate Statistics” published on October 10.


Saskatoon Real Estate: Week in Review (October 6-10, 2008)


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.


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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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