Saskatoon real estate sales resumed the hectic pace we’ve become accustomed to this week after recording a fairly significant drop in unit sales the previous week. 119 Saskatoon homes were reported sold, almost double the number reported the week of July 2-6. New residential listings slightly outpaced sales with 127 new listings coming on the market.
The market did continue to produce some hopeful signs that some of the heat may be coming off. The average overbid fell short of the $20,000 mark for the first time since the week of April 9, and more than 20% lower than was recorded just last week. The percentage of homes which sold above the asking price was also lower at 63% and the difference between the average list price and the average selling price of a home was just $10,240. We have to go all the way back to the week of March 26 to see a list price to sale price ratio which is smaller than this one.
Finally, you may notice that the average recorded selling price of all Saskatoon homes declined for the third week in a row. Realistically, July could bring the first drop in the average selling price of a home this year.
Are we going to see this trend continue through the summer months? Is “the boom” over, or is this just a much needed breather for buyers? Please let me know what you’re thinking.
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