Saskatoon real estate: Week in review (March 12-16 2007)

Saskatoon home buyers found little relief from pressured prices this past week. While the percentage of homes which sold at or above their list price declined from 70% to 61%, the average overbid in instances where homes sold over list price increased to $14,155 from $12,144 the week before.


Area 4 had the lowest percentage of over list sellers with 60% of homes selling at a bit of a discount. The average overbid dropped from $9,100 to just $5,917.


Area 5, where housing inventories remain tightest, showed an average overbid of $18,767, a big increase from $13,975 the week before. Here are the numbers.


Saskatoon Real estate week in review

One doesn’t have to look far to see frustrated home buyers and exhausted agents. I can’t help but think this market is taking its toll. A number of buyers wondered out loud if they should just give up as their continued efforts to get into the Saskatoon housing market continued to deliver no results.


I am also ready for a little relief but there seems to be no end in sight. There are 236 active MLS® listings of condos and houses on the market today, which I believe is a record low.


Anyone who is actively looking right now knows that the majority of those have conditional offers on them.

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 housing shortage: Some people are really hurting

Saskatoon housing shortageIt’s easy to get swept up in the excitement of this booming real estate market. If you’re not careful, you can miss some really important stuff.


Some people are really hurting.


He’s here. She’s there, with the kids. They can’t find a home, but they have to be out of the one they currently own in less than a month. They’ve tried hard, sometimes bidding up to $20,000 over the asking price. Someone always seems to outbid them and the next home that comes on the market always seems to be more money. They don’t know where they’ll end up.


Meantime, investors are sending money from all over the country. They all want a little piece of the Saskatoon real estate action.  It’s the “next Calgary,” don’t you know?


Don’t get me wrong. I don’t resent you and I recognize your right to invest in this community. I just know where I want to focus my efforts right now and it’s not on spreadsheets.


If you want to talk cap rates, income and expenses, and property management, please, call another agent.  I’ll be busy helping someone find a home.

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 February 2007

Spring is in the air, and Saskatoon home buyers are definitely taking their real estate seriously this year. Average days on the market fell sharply from 26 days in January to just 20 days in February. Many of the better homes and condos were sold in bidding wars and by month end over 50% of the new residential listing inventory was selling at, or above the asking price. Prices were somewhat slow in reacting given the “heat” on the street. The average price of a Saskatoon home increased to $188,028 from $183,971 in January (condos and single-family detached homes).

Saskatoon real estate statistics for February, 2007

The price of a house, or single-family detached home inched up to $194,360 from $190,652 in January.


Saskatoon house sale statistics for February, 2007

The condo market continued at a crazy pace. The average selling price of a Saskatoon condominium lost a smidge to $158,924 from $161,279 the month before. The average in December was just $144,363 so they remain up fairly substantially year to date. The average selling time in the condominium category plummeted to just 11 days and the average selling price actually came in higher than the average list price.


Saskatoon condo sale statistics for February, 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

Tenants burned by hot Saskatoon real estate market

Saskatoon renters feel the heat

The front page of today’s Star Phoenix says, “Tenants feel pinch: Heated market driving increases in rental charges.”


The story references the predicament of a Saskatoon woman, Marilyn LePage who faces her third rent increase in the last twelve months. She has written a letter to city council asking, “What can be done to keep rent increases and frequencies under control for myself and other Saskatoon citizens?”


The answer she received was sure to disappoint as council made it clear that “rent controls” fall outside of the local jurisdiction. City solicitor Theresa Dust reminded those present of past attempts by the province to place controls on rents and noted that it produced “poor results.”


This is one of the sad realities of a real estate market which is experiencing a growth spurt. It affects almost everyone, and those who don’t own their own home can be affected the most. They not only move further away from owning a home due to increased cost of housing, but they inevitably pay the price in higher rental costs as market values increase.


I expect that we’ll hear many more stories like Ms. LePage’s over the coming year. East-side apartment style condos are now selling in excess of $130,000. An investor who purchases such a unit with 25% down will face carrying costs of over $850 per month not including maintenance or insurance. At present, that same unit has a market rent of about $700. Assuming the unit is occupied every month of the year, the landlord is a couple of thousand dollars shy of covering expenses. They won’t be excited about that for very long.


At the same time, vacancy rates are falling across the city and that trend is expected to continue as more people move back to Saskatoon. Condo conversions will likely remove a number of units from the rental market over the next two years.


Ultimately, rents are subject to the principle of supply and demand just like resale real estate is. More renters and fewer rental units equal higher rent payments. It’s pretty much unavoidable.


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

Saskatoon real estate: Week in review (March 5-9 2007)

The Saskatoon real estate market continued at a frenzied pace with average sale prices exceeding average asking prices in every area of the city. A full 70% of the 82 residential sales reported to the Saskatoon Multiple Listing Service® sold either at or above the asking price. The average “overbid” which was recorded in instances where a home sold above the asking price increased substantially to $12,144 from $6,950 the week before. Here’s an overview of the numbers.

Saskatoon real estate statistics for week ending March 9

Notable sales from last week include:

  • Lakeview condo sells $29,000 over list price at $132,000.
  • Lakeview bungalow sells $30,100 over list price at $218,000.
  • Erindale town home sells $30,100 over list price at $210,000.
  • City Park two and one half storey sells $41,100 over list price at $261,000.
  • City Park bungalow (720 square feet) sells $30,100 over list price at $210,000.

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