Saskatoon real estate: Week in review (June 18-22 2007)

Saskatoon real estate: Week in review (June 18-22 2007)

The Saskatoon real estate market continued its hectic pace through yet another week with buyers showing few signs that they’re willing to let up anytime soon. While the percentage of homes selling for more than the asking price was down from the previous week, the average overbid across all Saskatoon real estate areas set a new record coming in at $27,816, up just a smidge from the previous record of $27,770 which was recorded during the last week of May.

The average selling price of a Saskatoon home came in above the quarter-million-dollar mark for a second consecutive week.

Residential listings gained some traction, outpacing reported sales by 40%. 140 single-family homes and condominiums were placed on the market this week, while only 100 homes actually changed hands. At today’s date, there are 343 such properties displaying an “active” status on the Saskatoon Multiple Listing Service ® which is a higher number than I can recall at any point this year. Normal MLS ® listing levels for the Saskatoon market are closer to twice that number. With the increased demand we’re currently experiencing I expect that we would need closer to 1,000 Saskatoon homes for sale to bring any balance.

Interestingly, the percentage of homes selling for more than the asking price continued to decline in Area 4 to about 40% and the average overbid was $17,814, which is the lowest number recorded in any area since the week of April 16-20. I know I’ve mentioned before that Area 4 is typically the last area to catch fire when the Saskatoon real estate market heats up and the first area to cool as the market begins to level off. It’s difficult to know if this is a sign of things to come but it definitely does seem that we are seeing a bit of a cooling trend in Area 4. 

Saskatoon real estate sales and listing stats for the week of June 18-22 2007

Notable sales

  • East College Park apartment-style condo (892’) sells for $195,900.
  • Brevoort Park bungalow (912’) without a garage brings $311,000.
  • Greystone Heights bungalow (1,432’) which appears to have some nice upgrades and a double detached garage sells $6,000 below list at $303,000.
  • Pacific Heights bi-level (950’) on a busy street fetches $242,100.
  • Briarwood executive home (3,693’) sells for $789,000.
  • Erindale executive home (2,765’) brings $840,000.

I’m always happy to answer your Saskatoon real estate questions. 

Norm Fisher

Royal LePage Vidorra

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