Residential sales in the Saskatoon real estate market resumed a fairly modest pace this week with 92 single-family homes (houses) and condos reported sold to the Saskatoon MLS, down from 117 last week, even further off of the 123 that sold during the same week last year, but still well above the weekly average year to date.An additional 60 properties in the same two categories were reported as conditionally sold.
New listings on the Saskatoon Multiple Listing Service saw their biggest week since I started recording the weekly numbers back in mid-February of 2007. A total of 249 residential properties were introduced to the market including 159 single-family homes and 69 condominiums. This week’s new listings pushed residential inventory to 844 properties including 524 single-family homes and 241 condominiums.
Overbidding fell out of fashion in a serious way. Only 18% of Saskatoon homes sold managed a price that was above list and a full 70% actually sold below the asking price. That’s only half as many as we’ve seen over the past couple of weeks. Overbid activity was weakest in Area 1 which pretty consistently has the highest average selling prices, and strongest in Area 5 where the percentage of homes selling above asking price was closer to $30%.
The average selling price of a Saskatoon home inched up from last week to $290,346, but still remained well below the $300K plus numbers we had seen the three weeks prior. Average sale prices were below average asking prices in all areas except area 5.
Active buyers are relieved to have a little more time to think about homes they’ve seen, and they have some confidence that something else will come along soon if this one sells while they’re thinking. They’re no longer fearful that they might have to pay more if they wait. This is a welcome and healthy development. It feels good to be back to reasonable mindsets.
Sellers will need to take greater care in pricing their homes in the weeks ahead. The standard practice of reviewing recent sales and slapping on an extra $10,000 is bound to leave you waiting. For the first time in quite some time, the little things matter. So, price it right, paint up that front door, and scrub the place clean. Your prospective buyer has a fair number of homes to choose from.
I’m always happy to answer your Saskatoon real estate questions.Feel free to drop me an email.
Norm Fisher
Royal LePage Vidorra
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