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

A total of 122 new residential listings hit the Saskatoon real estate market this past week, while 118 homes were reported sold on the Saskatoon MLS®. Close to 80% of those units sold at or above their list price. Properties which sold above list price attracted offers which were on average, $23,403 higher than the asking price. Area 5 recorded the lowest average over bid at $15,761 while buyers of Area 3 homes came in at an average of $34,122 over asking price.


Here’s a quick look at the numbers.

A total of 122 new residential listings hit the Saskatoon real estate market this past week, while 118 homes were reported sold on the Saskatoon MLS®.  Close to 80% of those units sold at or above their list price.  Properties which sold above list price attracted offers which were on average, $23,403 higher than the asking price.  Area 5 recorded the lowest average over bid at $15,761 while buyers of Area 3 homes came in at an average of $34,122 over asking price.

Notable sales

  • Parkridge 4 level split (1,030’) with double garage goes $41,000 over at $261,000.
  • Lakeview condo (953’) in wood-frame, walk up sells for $172,000.
  • Sutherland bungalow (858’) with no garage at $232,000.
  • College Park 4 level split (1,250’) with double garage sells $40,000 over at $340,000.
  • Nutana bungalow (877’) in need of updating tops quarter million at $254,200.
  • Nutana bungalow on 30’ x 140’ lot with a river view sells $47,000 under list. Priced at $449,000, this would have been a tough sell at only 1,080 square feet.
  • Montgomery 2 storey (1,880’) sells $20,000 under list price after a month on the market, slowed primarily by its “cottage-like” look which has limited appeal in urban areas.

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 9-13 2007)

If there was any positive news for Saskatoon real estate buyers this past week, it was the significant increase in the total number of new residential listings that came on the market. Approximately 133 single family homes and condominiums were listed for sale last week, compared to just 60 the week before, and 22 the week before that. With a total of 109 sales reported the total number of active listings remained extremely low at 254, many of which have conditional offers.


In spite of some relief with new listings the percentage of homes which attracted offers at or above the asking price reached its highest level in recent weeks at 78%.


Here’s a quick look at the numbers.

Saskatoon real estate statistics for the week of April 9, 2007

Notable sales:

  • Eastview bungalow, 1143 square feet with no garage at $280,000
  • Downtown condo, 680 square feet at $183,500
  • River Heights 4 level split, 1,050 square feet with a single garage at $295,000
  • Fairhaven 4 level split, 826 feet, no garage, on a busy street at $197,000
  • Hampton Village, new 1352 foot bungalow, double garage at $354,365

The largest discount for a home which sold below list was a Greystone Heights 4 level split located on a busy street listed at $289,900 and selling for $265,000 after 36 days on the market. The home appeared to be well maintained but it was more or less original and in need of some updating.


I expect that we’ll continue to see a decent level of new listing activity over the next few weeks which should present more opportunities for Saskatoon home buyers. The number of new residential listings almost always increases sharply through the April and May. I don’t expect that we’ll see any price relief, but there should be more homes to view.


Good luck!

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 March 2007

The Saskatoon real estate market took off like a rocket in March producing bidding wars which can only be described as ridiculous for anyone who has been working in this business for any amount of time. By month end, almost 65% of properties sold were selling at, or above the list price. Average overbids were coming in around the $15,000 range and buyers were lining up to throw money at home sellers. An unfortunate sense of desperation hung thick as new comers, first-time buyers and investors scrambled for a piece of the action.


Average selling times slid once again to just 16 days and the average price of a Saskatoon home (condo and single-family detached combined) took an incredible leap forward from $188,028 in February to $203,065 in March, marking the first time that the average ever topped $200,000 in Saskatoon.

Saskatoon real estate statistics for March, 2007

An incredible 295 houses traded hands, at an average of $6,000 above the asking price. Average selling prices for Saskatoon houses jumped to $208,123 from $194,360 the month before.

Saskatoon house sale statistics for March, 2007

The condo market produced 93 sales. Virtually everything that was offered for sale was subject to offers quickly. The average selling price spiked again to an unbelievable $189,275 from $158,924. Average selling prices exceeded average list prices by more than $11,000.


Considering that the average was below $145,000 in December, this is truly difficult to fathom. Condo prices are appreciating much quicker than house prices, which also feel out of control, and I expect that we’ll see some kind of a correction between these two categories. I suspect this is happening because larger numbers of people are trying to get into the market at this more affordable entry level.

Saskatoon condo sale statistics for March, 2007

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 2-5 2007)

Home buyers found no relief in a hectic Saskatoon real estate market this past week as the total percentage of homes which sold at or above the asking price increased to 81% and average over bids topped $20,000 for the first time. 56 of the 80 homes which traded hands sold above list price.


Saskatoon’s Area 5 stands out as the hottest trading area with the highest average over bid at $23,268. None of the 12 sales reported in that zone sold below the list price. Sellers in Area 1 also did exceptionally well with 18 of 21 sales going above list by an average of $21,283.


Here’s a quick look at the numbers.


Saskatoon real estate week in review April 2-5

Notable sales:

  • Forest Grove one-bedroom condo (635’) sells for $120,000.
  • Wildwood condo (800’) leaves the market at $145,500.
  • Haultain condo (740’) fetches $137,700.
  • Mount Royal bungalow (912’) brings $189,000.
  • Lakeview two-storey (1,800’) sells $44,500 above list at $354,500.
  • Pacific Heights bungalow (1,041) fetches $177,900.

Active listings of single-family homes and condominiums remained desperately low at 237 units across all areas and price ranges. It seems that 4 out of 5 inquiries to a listing agent results in a “sorry, we have an offer on that one.”

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

March 2007 brings new Saskatoon real estate price records: SRAR

March came in and out like an angry lion for those engaged in the Saskatoon real estate market with the average home price breaking the $200,000 mark for the first time in Saskatoon’s history. The average selling price of a Saskatoon home was $200,938, up from $156,670 last March.


According to figures released by the Saskatoon Region Association of REALTORS®, agents brought a total of 473 new residential listing to the market in March, a 14% increase over the same month last year. In turn, agents sold 433 homes which representing a 42% increase in unit sales over the previous March.


Consider also, that unit sales in Area 4 where home prices are historically lower nearly tripled over numbers recorded last March and you’ll see that the “average selling price” is being skewed downwards as a result. The price of a Saskatoon home has increased to a great degree than what is reflected in the “averages.”

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.

Norm Fisher
Royal LePage Saskatoon Real Estate