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.
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
4 comments so far. We'd love to hear your thoughts.
April 3rd, 2009 at 3:58 PM
Norm, the week in review is great. Thank you for starting this.
I was wondering, as far as trends go, is there any way to look at this data in a graph? I’m curious to see how home prices have increased over the past 6-12 months, especially in specific areas (Area 1, Area 2 etc…)
April 3rd, 2009 at 3:58 PM
Hi Jeff,
Thanks!
I think that these “week in review” numbers are more general interest, providing a quick snapshot of the local market by area. I’m not so sure of their statistical significance for tracking average price trends. The number of units is very small and the average in each area seems to be subject to substantial change from one week to the next, depending on what’s selling in any given week.
Check out the “neighborhood profiles” page at http://www.teamfisher.com/Neighbourhoods/page_1719893.html. These pages provide average price trends over ten years and include the average for the last six months as well. I update these monthly, usually within a few days of month end. If I get a shorter period than six full months I start to question the accuracy of the information.
Hope that helps.
April 3rd, 2009 at 3:59 PM
Hey Norm,
I am new to the Saskatoon Real Estate market, can you briefly give me an overview on what has been driving the Saskatoon Real Estate market these days, like good economic prospect, great job market, affordability, tight supply/demand, etc.
Thanks!
Stephen
April 3rd, 2009 at 3:59 PM
Hi Stephen,
These articles pretty much speak to the issue of what’s driving the market here. Thanks.
http://www.teamfisher.com/blogs/norm_fisher/archive/2006/11/23/I_2700_m-Bullish-on-Saskatoon-Real-Estate-for-2007.aspx
http://www.teamfisher.com/blogs/norm_fisher/archive/2007/02/10/saskatoon-and-saskatchewan-show-strong-job-growth-over-last-year.aspx
http://www.teamfisher.com/blogs/norm_fisher/archive/2006/12/11/Lack-of-Residential-Lots-Pressures-Saskatoon-Real-Estate-Market.aspx