Last week, I indicated that I thought we were going to see some bleak numbers for Saskatoon real estate sales in this week’s report. As it turns out, sales were pretty much on par with recent weeks. A total of 89 Saskatoon homes were reported sold to the local MLS® between Monday and Friday. There were 140 homes listed during the same period, yet active listing inventory made just marginal gains closing the week at 565 units, an indication that more properties are expiring without a sale, or being withdrawn from the market by prospective sellers. As more listings are failing to sell at “offer presentation” time, more sellers are re-listing their properties at prices which are closer to matching their expectations.
Here are a few of the week’s highlights
- The percentage of homes selling above the asking price slipped back to 47%, a difference of about 12% from last week and on par with the declining number we saw the previous week.
- The average overbid fell to its lowest level since the week of March 26-30 at $14,665.
- 44% of reported sales sold below the asking price. This is the highest percentage we’ve seen since the week of March 26-30.
- The difference between the average asking price and the average selling price reached its lowest level since the week of February 26 – March 2 at just $3,828 (above the average asking price).
- The average selling price remained solid and at $256,844. Next to the week of August 13-17 this week’s average selling price is the highest this year.
I’m always happy to answer your Saskatoon real estate questions.
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Norm Fisher Royal LePage Vidorra