Saskatoon real estate: Week in review (July 21-25 2008)

It was just a slight push that produced a net gain of seven active residential real estate listings on the Saskatoon multiple listing service but it was enough to push the total inventory past the 1,500 mark for the first time. At the end of the week there are 1,506 residential properties displaying the “active” flag including 976 single-family homes (houses) and 430 condominiums. While inventories are at an all time high, it seems clear at this point that listing activity has started to moderate through July. I expect that when the dust settles, July will likely produce the smallest gains we’ve seen in several months.


Residential real estate sales also weakened some last week with just 61 units trading hands including 59 single-family homes and condos, a drop of 12 units compared to the week before. Area 1 remained fairly strong in comparison to recent weeks claiming 22 of 59 Saskatoon home sales recorded. Another 43 properties are marked “conditionally sold.”


Overbidding activity almost fell off of the map with just one sale recorded above the asking price. There was only one other week this year where overbids fell to one, and this week’s average overbid of just $100 is the lowest on record this year.


The average underbid increased to $11,763, one of the highest points on record this year but it was largely skewed by two exceptional area 2 sales, one of which sold $50K below list, and a second at more than 80K below.

Saskatoon real estate: Week in review (July 21-25, 2008)

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 population drops by 2000 since January 2007?

Saskatoon’s population has seen a decrease of 2,000 people since January 2007 according to an estimate just released by a Toronto analytics firm. Generation 5 provides population estimates for the City of Saskatoon between census periods.

According to the Star Phoenix, “The firm uses census figures as a starting point, adjusted by databases of consumer spending, home sales, and address information to arrive at its estimates.


Information from various sources suggests Saskatoon’s population grew from 202,340 in 2006 to 214,034 by the beginning of 2007, and receded to 212,000 by mid-2008.


Anyone else have any thoughts on how these measures could lead to the conclusion of a population drop, given that 2007 produced a record number of homes sales, and Saskatoon has been the nation’s leader for consumer spending?


Read the Star Phoenix story here.


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 14-18 2008)

Total active residential listings on the Saskatoon real estate market fell just short of breaking the 1,500 mark and settled at 1,499 by the end of the week, a net gain of 38 units when compared to the previous week’s end. A total of 175 properties hit the new listings board, including 35 that were cancelled and re-listed during the same week, and about 20 condo conversion units that went MLS. At present, there are 961 single-family homes and 433 condominiums displaying the active status on the Saskatoon MLS. The balance of available units included vacant lots, mobiles, semi-detached and duplexes.


Unit sales in the single-family homes and condos category came in at 71. Overbid sales edged up marginally from last week with 5 homes selling above list, but the average overbid dropped substantially to reach its lowest level since the week of January 14-18. 59 buyers managed to negotiate a purchase price below the seller’s asking price with an average underbid of just over $10,000.


Average selling prices took a large jump from the previous week, up just a little more than $12,000 to settle at $304,254.

Saskatoon real estate: Week in review (July 14-18, 2008)

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

A closer look at the Saskatoon real estate statistics for June 2008

On July 4, the Saskatoon Region Association of Realtors released their monthly statistics for the Saskatoon real estate market. Those statistics provide an overview of activity for all property types in the “residential” category. This “closer look” is intended to provide an overview of activity for single-family homes (houses) and condominiums that were sold in the Saskatoon area, to the exclusion of semi-detached, duplexes, vacant lots and mobile homes. My primary focus as a Realtor is Saskatoon homes, and it’s my objective, through this report to provide detailed data on properties that meet that criteria.


During the month of June 2008, 299 properties identified as single-family homes and condominiums were reported as firm sales on the Saskatoon MLS. Unit sales were down 34% from June of 2007 when 452 homes changed hands. The average sale price was up 2.6% from May of this year, and 24.7% when compared with June of 2007 when it passed the quarter million dollar mark for the first time. At the same time, the average cost per square foot fell $5.00 from $276 in May to $271 in June, an indication that Saskatoon home buyers got a bit more for their dollar this June, when compared to last. While the average selling price was greater in May than June, the average size of the homes which sold, was also slightly larger.

Saskatoon house and condo sales for June 2008

Of the 299 properties reported sold, 212 were single-family homes. Unit sales in this category decreased by 35% when compared to sales in June of last year. Average selling prices increased 3.7% over May of 2008 and 29.5% compared to the same month, one year ago. The average cost per square foot fell by $3.00 on average, with area 1 seeing the largest decline, dropping $29.00 per square foot compared to sales recorded in the previous month.

Saskatoon house sales for June 2008

Saskatoon condos saw a decline in unit sales of 30% when compared to June 2007. Month over month, the average selling price saw a decline of .7% and a drop of $9.00 when examined on a cost per square foot basis, with area 2 experiencing the largest decline at $32.00 per square foot. Year over year, condos experienced the smallest increase in the average selling price at just 12%. During June of 2007, condos were selling at an average of $221,958, compared to $248,681 this June.

Saskatoon condo sales for June 2008

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

Canadian house prices see first quarterly drop in nine years: CREA

Media release from the Canadian Real Estate Association yesterday.

“Over the past six months, easing sales activity and a surge in new listings caused the resale housing market to become considerably more balanced in many major housing markets. Vancouver, Regina, and Saskatoon were the most balanced major markets in June.”

Read CREA’s release 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