Saskatoon real estate: Week in review (May 7-11 2007)

It was another interesting week in the Saskatoon real estate market. For the second week in a row, new listings outpaced sales and active listings reached their highest level since mid-December of last year. Today, there are 292 Saskatoon houses and condominiums with an “active” status on the Saskatoon MLS®.


The number of homes reported sold also dropped fairly significantly when compared to recent weeks at just 86 units.


You might expect that fewer sales and more listings would add up to a bit of a break from home buyers but that doesn’t seem to be the case. In fact, the percentage of listings which sold above the asking price reached a new high of 77% when looking at all major Saskatoon real estate areas. East side home sellers hit the overbid jackpot with 87% of homes reported sold going for more than the asking price.


Average overbids topped $25,000 in all five areas, a first since I started publishing the “Week in review” back in the middle of February. The average overbid reached its highest level yet at $26,313.


Here’s a look at the numbers from last 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 (April 30 – May 4 2007)

A total of 136 new residential listing came on the market last week outpacing unit sales by about 10%. Saskatoon real estate agents reported a total of 123 sales of single-family homes and condominiums over the same period.


The average selling price of a Saskatoon home was $13,000 lower this past week at $222,150 compared to $235,345 the week before. The majority of listings continued to attract multiple offers and over bids to the tune of $25,688 on average.


Buyers might take some comfort in the fact that this weeks sales sheet looks a lot like the one from the week before. I see fewer numbers of sales which are really “remarkable.” Most weeks there have been a quite a number of sales which appear to have broken new ground but this past week it seems that prices may have been fairly level.


It’s also interesting to note that in Area 4, only 50% of sales reported where over list price. That’s the first time we’ve seen that in quite a while. Often times a softening in the core areas is a first indication that the market may level out some. Could it be a sign of things to come?


Here’s a quick look at the numbers from last 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 (April 23-27 2007)

New residential listings dropped to 103 units this past week, compared to 122 the week before, and once again, unit sales marginally outpaced new listing activity. 109 single family homes and condominiums where reported sold on the Saskatoon MLS®.


The percentage of homes which sold at the list price or above the list price saw a bit of an increase to approximately 83%. The average overbid was $22,798 including all areas of Saskatoon. Area 3, where the average over bid reached $38,600 proved to be the toughest spot for buyers to make a deal.


Here’s a look at the numbers.

Notable sales.


  • Forest Grove 4 level split at 1,140 square feet with a double garage was listed at $267,800 and sells for $346,000.
  • Nutana Park bungalow at 995 square feet with no garage was listed at $224,900 and brings $275,000.
  • Silverwood 4 level split at 958 square feet with a double attached garage listed at $234,900 sells for $285,000.
  • Hudson Bay Park bi-level measuring 1,176 square feet with a single garage sells for $290,500.
  • Varsity View bungalow at 760 square feet and needing a ton of work was listed at $179,900 sells for $165,000 after 23 days on the market.
  • Buena Vista bungalow of just 560 square feet sells 10K under at $100,000. Again, the property appeared to be pretty rough.

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

Premier “takes credit” for Saskatchewan housing boom

Saskatchewan Starter Home

Saskatchewan Premier Lorne Calvert says that his government is “gearing up” for another advertising blitz in Alberta to promote our province as a great place to live, according to a front page story in today’s Star Phoenix.


While it’s hard to argue that a province shouldn’t promote its benefits abroad, someone seems to be unaware of the fact that Saskatoon home buyers are reaching their wits end trying to find a good home to buy. Many have made offers on a number of properties, often tens of thousands of dollars above the asking price, and they still find no love.


MLS® housing inventory dropped to a critically low level of approximately 250 listings by the end of 2006. Today there are 249 single-family homes and condos on the system, most of those already conditionally sold. We’re seeing sharp price increases in every category of housing with some increasing as much as 70% since the start of the year.


My question to Mr. Calvert? Where are we going to put them when they get here sir?


Somehow, it just seems like the wrong time to be “gearing up” with this particular campaign. Let’s hope that the government updates their creative message, at the very least. Premier Calvert’s claim, “If you have any home ownership in Calgary these days, you can sell here, buy in Saskatchewan and be free and clear with your mortgage, likely own a cottage, and maybe one of two rental properties” is getting a little old.


Read the 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

Average price of Saskatoon home will be $300,000 by next spring: Percy

Dwight Percy

Dwight Percy has an interesting article in the business section of today’s Star Phoenix titled, “High local housing prices are still below average” which is definitely worth reading.


Percy points out that while Saskatoon house prices have seen sharp increases over the last quarter, local homes are still trading well below the national average of $294,880 reported by the Canadian Real Estate Association at the end of February. The average selling price of a Saskatoon home topped $200,000 for the first time in March.


He asks, “Does it make any degree of sense that this market sits at only about two-thirds of the Canadian average?”


Check his article out here. He makes some interesting points. If his prediction is accurate, the average price of a Saskatoon home will have doubled in just two years. The idea may have seemed outrageous just a few months ago but one now has to wonder given the momentum which this market seems to have. Consider that the averages we’re seeing now are likely skewed down by the large amount of activity in the entry level condo and house market and the possibility seems even more realistic. It seems to me that there are a large number of pretty “average” homes trading at or above the quarter million dollar mark already.

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