March was crazy. April was absolutely insane! I’ve never seen anything like it and neither had some of the old-timers in this business who have been around forever.
Buyers went after the property like another house would never be built and bidding wars reached new heights. By the end of the month, about 80% of Saskatoon homes were being sold at, or above the list price. Through most of the month, the average overbid topped $20,000. A lot of homes sold for $30,000-$50,000 above the asking price, many without any conditions at all.
The average price of a Saskatoon home (condos and single-family detached homes combined) surged further forward to a record-breaking $224,845, up from $203,065 the month before. Average days on the market plummeted to an unheard of 9 days.
The largest gains were seen in houses where the average selling price moved from $208,124 last month to an almost unbelievable $234,406.
104 Saskatoon condos traded hands with an average selling time of only 7 days. The average selling price hit $193,866, and an increase of just $4,500 from last month. Condos had seen a disproportionate increase during March when the average selling price increased more than $30,000.
Such massive changes are difficult to fathom over a short period of time. Agents are somewhat clueless on how to advise their clients, and buyers seem absolutely determined to sew up a deal, almost indifferent to the cost and somewhat reckless as well. Buyer, or seller, we should all be hoping that some of this steam comes off soon. Too much, too fast can often be a bad thing.
I’m always happy to answer your Saskatoon real estate questions.
Royal LePage Vidorra