Saskatoon real estate: Week in review (July 23-27 2007)

The active listing inventory of Saskatoon homes for sale inched higher again for the eighth consecutive week. 131 new residential listings were offered for sale while only 81 actually traded, leaving a total of 429 homes displaying the active status. This is probably the highest number that we’ve seen so far this year but it’s still well below the levels which would be required to bring balance to a heated market. Over the last number of years we have typically operated with 600 to 700 active residential listings.


In spite of a growing number of listings offered in the Saskatoon real estate market, overbidding continued to occur in a little better than 60% of the recorded sales, but the average overbid was down about 20% from the previous week.


While I’m not in a good position to dig a lot deeper on this point right now, my initial glance at the numbers leads me to believe that there are more properties trading closer to the asking price ($100-$10,000) than there have been in previous weeks. In most areas the average overbid is skewed upwards by a few extraordinary sales, like a Lawson heights condo listed for $199,900 and selling for $285,000. Buyers will want to take some care in the “bidding” process and not get carried away. Many smart minds are expressing great concern about affordability of Saskatoon homes and if inventory continues to grow this market may be seeing its peak for the time being. (See last week’s review for some great insights from our readers and the media).

Notable sales


Forest Grove apartment (1,070’) sells for $220,500.

Silverspring bungalow (1,040’) on a busy street goes at $341,000.

North Park bungalow (792’) with a double detached garage brings $232,500.

Showy Lawson Heights bi-level (1,120’) without a garage sells at $345,000.

Confederation Park two-storey (1,364’) with a double detached garage fetches $275,000.

Thanks to all the readers and commenter’s on last week’s review for carrying the ball this past week.

 

I have been away on vacation and won’t return to Saskatoon for another week. I’ve been checking in from day to day but I’ve had little time to participate in the discussion. With so many hours spent away from home over the first half of this year, we’re trying to get caught up and keep our minds focused on family. She was gracious enough to “go shopping” for a couple of hours today so I could prepare this week’s review. Again, thanks so much! I really do appreciate your participation and the additional information and insight which you bring to the review.

 

 

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (July 16-20 2007)

Following a couple of weeks which showed some signs that the market may be cooling off, Saskatoon real estate buyers came out in a big way and resumed the aggressive bidding which we’ve become accustomed to seeing here.


The average selling price of a Saskatoon home crept above to quarter million dollar mark again this week after dropping to $242,413 the week of July 2, and further to $237,032 the week of July 9. Average overbids bounced back above the $25,000 mark.


Area 3 home buyers were most eager to purchase property. The average overbid in the area which begins at downtown Saskatoon and extends north to the city’s edge between Idylwyld Drive and the river valley came close to hitting $50,000, albeit on a fairly small number of total sales. Prior to this week we haven’t seen this number break the $40,000 mark in any area.


Notable sales


  • Lakeview apartment (867’) listed at a whopping $189,900 finds a buyer at $225,000
  • Forest Grove one bedroom apartment (635’) listed at $129,900 sells for $145,600 (Consider that I sold one of these units on July 1, 2006 for $64,000, and then resold the same unit on March 27, 2007 for $120,000. This recent sale represents a 129% increase in just over a year)

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Dude, where's my house? Winnipeg man charged with theft after house disappears

Winnipeg man charged with theft after house disappearsA Winnipeg property owner decided to visit a tenant in his revenue home to find out why they hadn’t been paying the rent. When he arrived on the scene, he discovered a parking lot where his house was supposed to be.


It seems that the owner was approached by a man in May of 2006 who was interested in purchasing the property so that it could be turned into a parking lot for the apartment building located next door. No deal was ever struck to sell the property. Nevertheless, the prospective purchaser must have felt confident that a deal could be done so he took it upon himself to evict the tenant and secured the necessary paperwork to facilitate the homes destruction. Not one to be bothered by details, he apparently moved forward with the demolition and completed his parking lot.


The accused faces charges of theft of property values at more than $5,000 and mischief causing more than $5,000 damage.


I’ve seen my share of motivated buyers over the years but this one truly takes the cake. You have to wonder how he ever thought that he might get away with this stunt. I guess some people just have more balls than brains.

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon real estate: Week in review (July 9-13 2007)

Saskatoon real estate sales resumed the hectic pace we’ve become accustomed to this week after recording a fairly significant drop in unit sales the previous week. 119 Saskatoon homes were reported sold, almost double the number reported the week of July 2-6. New residential listings slightly outpaced sales with 127 new listings coming on the market.


The market did continue to produce some hopeful signs that some of the heat may be coming off. The average overbid fell short of the $20,000 mark for the first time since the week of April 9, and more than 20% lower than was recorded just last week. The percentage of homes which sold above the asking price was also lower at 63% and the difference between the average list price and the average selling price of a home was just $10,240. We have to go all the way back to the week of March 26 to see a list price to sale price ratio which is smaller than this one.


Finally, you may notice that the average recorded selling price of all Saskatoon homes declined for the third week in a row. Realistically, July could bring the first drop in the average selling price of a home this year.


Are we going to see this trend continue through the summer months? Is “the boom” over, or is this just a much needed breather for buyers? Please let me know what you’re thinking.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here
Data collection and calculation for our statistical reports

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.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

The other side of the boom: collateral effects of a changed Saskatoon real estate market

The other side of the boom: collateral effects of a changed Saskatoon real estate marketWhile the Saskatoon real estate market “booms” and the net worth of Saskatoon property owners grows, something else is growing, and it’s not so pretty. It’s the growing gap between the rich and the poor.


In a front page story from today’s Star Phoenix titled, “Poverty in the Midst of Plenty,” Graham Andrews provides a compelling story about how this rapidly changing market is impacting those at the lower end of the earning spectrum. I’m talking about hard working people who bust their butts to earn $1,000 a month only to see their incomes gobbled up by increasing rents. As rents continue to climb, and wages remain stagnant or show little growth, there’s less money left for life’s little luxuries; like food for instance.


The Saskatoon Food Bank and Saskatoon’s Friendship Inn are both seeing a growing need for their services. Would it surprise you to learn that the number of seniors requiring assistance from the Saskatoon Food Bank has increased by more than 100% in recent months?


Are you pleased by your recent gains in the Saskatoon real estate market? Have you made a pile of money from your “real estate investments?” Perhaps you’re a local agent having the year of your career. Maybe you’ve recently sold your Saskatoon home for a price that leaves you feeling grateful. Why not give something back to the Saskatoon community? Why not send a cheque to one or both of these very worthy causes today?


The Saskatoon Food Bank

202 Avenue C South

Saskatoon, SK S7M 1N2


Friendship Inn

619 20th Street West

Saskatoon, SK S7M 0X8


Norm Fisher

Royal LePage Saskatoon Real Estate