A total of 215 new residential property listings pushed Saskatoon real estate inventory to its highest level since October 2005 this past week. Active listings in the residential category now sit at 619 properties, up from 543 last week, and substantially higher than the 254 homes, which were available during the same week last year. 379 of the available properties are single-family homes (houses) and 182 are condominiums. An additional 63 homes are showing as conditionally sold.
There was also a pretty good drop in unit sales compared to the same week last year when 109 homes traded hands. By this time last year, weekly sales had crossed the 100-unit mark three times (houses and condos only). That’s something we haven’t seen yet this year and it’s certainly an indication that demand is starting to drop. Whether or not those two trends continue is anybody’s guess at this time but there’s no question that buyers are facing less competition on the ground, or that they have substantially more options this spring.
The most telling number is the percentage of homes that are selling above the asking price. While up a smidge from last week to 40% it remains well below the 68% that we saw during the same week last year. Higher inventory levels should continue to pressure that number down in the weeks ahead.
Still, the average selling price if a Saskatoon home remained towards its peak for any given week at $317,244.
- Spiffy Dundonald four-level split (1000’) with a double detached garage sells for $344,000.
- Parkridge four-level split (935’), no garage goes just above $310,000.
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Royal LePage Vidorra