If you’ve spoken to a Saskatoon real estate agent lately, you’ve undoubtedly been left with the impression that the market is hot, and it certainly is. It’s very easy to lose perspective though because we most often hear the exceptional stories repeated.
You might have the impression that all homes listed are attracting offers in excess of the listed price and that’s simply not true. I thought I’d give you a bit of an overview of the sales activity from last week to give you a truer picture of what’s going on.
The following chart shows the total number of residential sales in each Saskatoon area (geographic definitions below) followed by the number of homes that sold below the asking price, at the asking price, and above the asking price.
The next chart shows the average list price, average sale price, and the average overbid where homes sold above the asking price.
Even I was surprised to find that over 50% of residential listings are still selling below the list price, though marginally. Fewer than 25% are actually selling above the list price. It’s very clear that on average sellers are receiving offers that are very close to the asking price but you can’t assume that you’ll need to pay more than the list for every Saskatoon real estate listing.
I’m always happy to answer your Saskatoon real estate questions.
Norm Fisher
Royal LePage Vidorra