The Saskatoon real estate market took off like a rocket in March producing bidding wars that 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 newcomers, 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.
An incredible 295 houses traded hands, at an average of $6,000 above the asking price. The average selling prices for Saskatoon houses jumped to $208,123 from $194,360 the month before.
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 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.
I’m always happy to answer your Saskatoon real estate questions.
Royal LePage Vidorra