Saskatoon real estate: Week in review (August 13-17 2007)

It was another week of mixed results for the Saskatoon real estate market with some good news, and some bad news for home buyers and sellers. A total of 136 Saskatoon homes were introduced to the market (single-family, condos and duplexes) and 91 sales were reported in the same residential categories. Total active listings of homes in the categories outlined above reached 484 units (500 including other residential types like mobiles and semi-detached).

Here are a few of the highlights.

• The percentage of Saskatoon homes which sold above the asking price dropped to its lowest level since the week of March 5-9. Only 47% of properties reported sold went for more than asking price, a drop of about 15% from the previous week.
• A smaller percentage of over list price sales brought us the smallest spread between the average list price and the average sale price since the week of March 12-16.
• For the first time since the week of March 26-30 one of the major Saskatoon real estate areas (Area 4) recorded an average selling price which was actually below the average list price.
• The average overbid saw an increase of about 14% over the previous week.
• The average list price of a Saskatoon home topped the quarter million dollar mark for the first time.
• The average selling price reached a new weekly high at $257,169. Was Dwight Percy right all along? Are we headed for the $300,000 mark?

It’s a tough one to figure out. While there are some definite signs of cooling, enough heat obviously remains to continue pushing prices forward. Generally, agents are reporting fewer showings and fewer offers on new listings. There is no question that this market feels substantially different than it did just seven or eight weeks ago. Buyers who remain active must still be feeling like their options are limited. I expect they’re feeling tired of this game and perhaps a little desperate to just get it over with.

See a Google map displaying the boundaries of Saskatoon real estate “areas” here Data collection and calculation for our statistical reports

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