Saskatoon real estate sales slid slightly again this week while new residential listings took a pretty substantial jump. As a result, total active listings were up close to 10% over the previous week with a total of 377 properties displaying a for sale sign. At the close of the week there were 182 houses (detached single-family homes) and 154 condominiums for sale in Saskatoon.
While you wouldn’t guess it from the numbers alone, the market was extremely active and agents were reporting stories of new listings attracting large numbers of showings. One new listing that I brought on recently had 31 buyers through it between noon and 6:30 PM, the day we opened it for showings. I think that the weaker sales numbers can be explained by the return of the “delayed presentation of offers” strategy which has very suddenly become the prevalent practice once again.
In spite of massive increases in asking prices over last year, “overbidding” once again became fashionable and approximately 37% of the Saskatoon homes which were reported as sold went for more than the asking price. This is the highest percentage of sales in this category since to week of September 10-14, and well ahead of the numbers we were seeing at this time last year. Average overbids once again jumped into five figure territory, and reached a whopping $16,700 in area 4.
The average underbid was also fairly substantial at close to $9,000. This is an indication that there’s a fair bit of product out there with a well padded list price and buyers should really take some care in deciding on an offer strategy.
I find myself saddened and frustrated at the prospect of another insane spring in Saskatoon housing. Let’s hope that this run is shorter and less substantial than the last.
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 Vidorra