Saskatoon real estate: Week in review (June 16-20 2008)

Saskatoon real estate: Week in review (June 16-20 2008)

Active residential listings in the Saskatoon real estate market saw a net gain of approximately 60 units this week, climbing from 1,326 units last week to finish the current week at 1,387 units, including 1,283 homes (houses and condos). 228 residential properties were listed on the Saskatoon MLS including 161 houses and 56 condos, bringing total available listings in those two categories to 891 and 392 respectively. Approximately 60 of those “new listings” were actually reintroduced as new listings following a cancellation of an already active MLS listing. An additional 49 properties are flagged as “conditionally sold.”

This graph represents the growth of the total active residential listing inventory (houses, condos, duplexes, semi-detached, mobile and vacant lot) over the past 16 weeks.

Graph representing the growth of active residential real estate lsitings in Saskatoon, SK

A total of 82 properties were reported as firm sales for the week, including 76 in the house and condo categories, which represents a drop of 17 homes when compared to the previous week.

Slowly, but surely, overbidding continued its downward trend with just 6 of 76 Saskatoon homes drawing offers that exceeded the asking price.The average overbid came in at just $4,214, the lowest number we’ve seen since the week of April 28-May 2. At the same time, the average underbid also fell, settling at $7,397, and reaching its lowest point since the week of January 28-February 1. 86% of the homes reported sold published sale prices below the seller’s asking price.

Average sale prices for houses and condos combined bounced back from $303,453 last week to $317,145 this week. So far in June, 248 residential properties have traded at an average selling price of $312,445. In those totals, there have been 164 single-family home (houses) sales averaging $339,238 and 70 condo sales averaging $251,657.

Saskatoon real estate: Week in review (June 16-20, 2008)

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Norm Fisher
Royal LePage Vidorra

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