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Understanding the Saskatoon house price puzzle

If you read the story in today’s Star Phoenix titled, “City housing price surges: Average sale price of Saskatoon house tops $160,000,” you might be a little confused, especially if you’ve been reading my blog or reviewing my statistics. I’d like to make a small contribution to this discussion and add just a couple of the missing pieces.

The “year-end average figure of $160,577” which is related to “houses” in this story, actually represents the average sale price of Saskatoon homes across all of 2006.

Included in that average are condominiums and mobile homes. The average selling price of a Saskatoon house actually came in at approximately $171,000 for all of 2006.

Of course, the other potential problem with one-year averages is that they are often skewed by some old data, particularly in markets where prices are changing rapidly. Those houses which sold at a lower price at the start of 2006 tend to skew the average down and give a slightly distorted picture of what one might expect to pay for an average house in today’s market. This was one of the primary reasons that I added six-month averages to myAverage Sale Price of Saskatoon Houses page and my Saskatoon Neighbourhood – Profiles and Price Trends page. In a market which is changing rapidly, the six-month average represents a more realistic reflection of current market prices.

Having said all of that, I’ll note that the average selling price of a house in Saskatoon over the last six months is $176,153, substantially higher than you might have guessed from reading this story. Given the fact that current listing inventories are extremely low, it’s reasonable to assume that the average is closer to $180,000 at this time.

Unfortunately, I cannot provide you with a link to this story as it didn’t make the Star Phoenix website today. Instead, they feature the article, “Edward Jones at home in Sask,” which discusses the investment brokerages plan to open offices “in our community” so that new sales people can go “door knocking in neighbourhoods.” I’d like to thank the Star Phoenix for the warning.

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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