Saskatoon real estate: Week in review (August 4-8 2008)

Saskatoon real estate: Week in review (August 4-8 2008)

Looking at this week’s sales, you may have thought it was Christmas for Saskatoon real estate agents, and not in the good way. :) Just 38 properties, including 35 in the single-family homes and condominiums categories were reported firmly sold, the lowest number of weekly sales since the week of January 7-11. Another 24 properties display the conditionally sold flag on the Saskatoon MLS system.

New residential listings were on the low side in comparison to recent weeks as well. Only 135 properties were listed for sale including 87 houses and 41 condos, but given the slower sales activity, total active listings found a new high point at 1,555. Of those, 1,011 are houses and 436 are condos.

The average selling price for the week spiked to a new high of $332,529 but the upward surge can be attributed to one residential sale that topped $1.1 million dollars. Selling about $200K off of its list price, the same property drove the average underbid to a new high of just over $18,000. Removing this one property from the mix brings the average selling price to $308,485, still the highest number we’ve seen since the week of June 23-27. The average underbid would also be adjusted to $10,865, which is more or less on par with what we’ve been seeing in recent weeks.

This week’s soft sales performance could be one of those strange anomalies that we see from time to time in the weekly stats but August is typically expected to produce above average unit sales and this gives us an incredibly slow start in reaching the numbers posted in previous months of August.

Saskatoon real estate: Week in review (August 4-8, 2008)

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.

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Norm Fisher
Royal LePage Vidorra

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