Saskatoon real estate: Week in review (September 24-28 2007)

Whether or not you wish to call it a downtrend, there should be little question that the Saskatoon real estate market has cooled considerably when compared to recent months. It’s beginning to feel “normal” again with listings lingering a little bit longer and prospective buyers are once again feeling like they have some options which didn’t exist just a couple of months ago. The inventory of active residential listings reached 631 units, the highest point this year.


Overbidding activity continued to cool with only 20% of Saskatoon homes selling for more than the asking price, down from 30% the week before. A full 71% of reported sales traded below the asking price. The average overbid declined again, to its lowest level since I started the week in review.


This past week’s average selling price was up several thousand dollars from the previous week but was still well below numbers recorded just a few weeks ago.


Here’s a look at the numbers from this past week.


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 (September 17-21 2007)

In spite of a reduction in new residential listings and marginally higher home sales the Saskatoon real estate market continued it slow but steady trend towards “balance.” A total of 110 Saskatoon homes were placed on the market, while 83 detached homes and condominiums were reported as having sold. The total number of active residential listings stood at 617 at the week’s end.


It was one of those weeks that just felt slow. Agents were talking about a lack of showings, particularly on homes priced much above the “average.” Only 30 listings were published as “conditionally sold” which could mean some fairly bleak “firm sale” numbers over the coming week.


Here’s a quick look at the numbers.


Here are a few of the highlights from this week’s stats as I see them.


  • This week saw the lowest number of new residential listings (110) since the week of April 23-27.
  • The percentage of Saskatoon homes selling for more than the asking price dropped to its lowest level (30%) since the week of February 19-23.
  • This week brought the largest percentage of sales recorded below the asking price (59%) since I started the “Week in review.”
  • The average list price and average sale price of a Saskatoon home was driven lower due to a decrease in area 1 activity and an increase in area 4 home sales.
  • Area 5 sales stood out against activity in all other areas with 6 of 9 homes selling above list price and an “average overbid” of more than $12,000.

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

Saskatchewan showing largest retail sales growth: Stats Canada

Saskatchewan showing largest retail sales growth: Stats Canada

According to a new report by Statistics Canada, Saskatchewan experienced the largest increase in retail sales when compared to all other Canadian provinces between July 2006 and July 2007. Retail sales in Saskatchewan surged ahead 11.5% during the study period, well above the national average of 3.8%. Alberta was second amongst the provinces showing growth of 8.4%.

Retail market showing the most growth included automotive, building and home supplies, home furnishings, pharmacies and general merchandise. Sales in food and beverage saw a slight decline of 1.1%

I thought this was an interesting follow up to Consumer spending about to peak in Saskatchewan.

Read the Star Phoenix story here

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

Consumer spending about to peak in Saskatchewan: Elliot

Consumer spending about to peak in Saskatchewan: ElliotDoug Elliot, publisher of the Sask Trends Monitor newsletter is warning that consumer spending has “gone into some kind of bubble that’s going to burst.” In a Star Phoenix story titled, “Sask. Consumer spending expected to peak soon” Elliot warns that the big spending spree has to end sometime. He sees that “sometime” looming, perhaps as soon as early 2008.


Elliot notes that massive spending in Saskatchewan is based partly on economic reality to the extent that employment and incomes in the province have increased, but he adds that a variety of psychological factors that are hard to quantify have been encouraging people to spend more money, raising concerns that the level of consumer debt is increasing while savings are decreasing.


One of those factors is related to increasing property values which tend to “make homeowners feel richer and thus more inclined to spend,” says Elliot.


Read also: Your Saskatoon home is not your second income

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 (September 10-14 2007)

The Saskatoon real estate market continued to plug along showing little real change over the previous week. New listings of Saskatoon homes outpaced sales by a fairly large margin and the week closed with 610 active residential listings on the Saskatoon MLS®.


Here are a few of the highlights.


  • The percentage of homes selling above the asking price remained fairly stable at about 40%. Remarkably, area 4 showed the highest percentage of the major real estate areas.
  • The “average overbid” also stayed steady and below the $10,000 mark.
  • The average selling price was below the average list price in all areas except area 5.
  • Average list prices and average sale prices reached a new high, largely driven by four luxury home sales with sale prices exceeding 600K. It’s quite amazing when you consider that only three properties sold for more than $600,000 through all of 2006. So far in 2007 there have been 29 sales and there are 20 active listings in that range.
  • The average underbid was skewed down, particularly in area 2 where one luxury property sold $110,000 below asking price.

The numbers for your review.

Saskatoon real estate: Week in review (September 10-14)

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