The inventory of Saskatoon real estate listings saw some growth this week climbing to 393 residential units including 177 houses and 172 condominiums. Lackluster sales, combined with the strongest listings we’ve seen since the week of November 19-23 were largely behind the increase in the number of available homes.
Some agents proclaimed, “It’s starting to happen again” but the speculative statement is not supported by the numbers. Granted, the average overbid did come in above the $8,000 mark, the highest number since late November, but only three properties managed an above list price sale so that’s hardly evidence of the market ramping up for boom 2.0. The average underbid was almost as high at $7,173 on 32 of 38 Saskatoon homes which were reported sold this week.
I will say though that there seems to be another large spike in inquiries from out of province investors. I’ve handled at least two dozen telephone inquiries this week, and as many emails from people expressing interest in buying Saskatoon homes. “Fix and flip” are the buzzwords of the week. Those interested in the fast buck that a booming market can deliver should be aware that the risks are considerably higher and the potential rewards are far smaller than they were this time last year. One wrong move and you lose your shirt! Some that bought at the tail end of the first frenzy are still losing money today. RBC released their provincial outlook this week and referred to house prices in Saskatchewan as being “considerably out of whack with the underlying fundamentals.” Affordability should be the new buzz word as we move forward.
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