Reported sales of Saskatoon homes dropped to their lowest point since I started the week in review. Saskatoon real estate agents reported 63 firm sales in residential categories (excluding semi-detached) for the week, a drop of nearly 50% from the previous week.
Meanwhile, 130 new listings came on the market and active residential listings in Saskatoon finally inched over the 400 mark. A total of 402 property listings are displaying an “active” status on the Saskatoon Real Estate Board MLS®.
In spite of the fact that sales were remarkably low in comparison to listing activity, strong overbidding continued to be fairly prevalent with 67% of sales being reported above the asking price, and the average overbid dropping just slightly from the week before to $25,533.
One can’t help get the sense that Saskatoon residents who have been unsuccessful in purchasing a home are growing weary. Affordability is certainly a factor as the average selling price of a Saskatoon home tops the quarter million dollar mark. There still seems to be a large number of “out of province” buyers who remain active. My recent listings show an increasing percentage of the buyers who are making offers are moving to, and not within Saskatoon.
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