New listing activity cooled significantly in the Saskatoon real estate market this week with just 116 properties being offered for sale, down from 156 last week. Still, active listings on the Saskatoon MLS managed to creep up slightly to 423 units including 274 single-family homes (houses) and 112 condos. 63 additional homes are showing as “conditionally sold.”
Sales activity also took a bit of a slide, though not as sharply as the drop in new listings. 86 properties were reported sold on the MLS compared to 97 the previous week, and 100 during the same week last year. With nearly three fourths of the month behind us, it is conceivable that unit sales could come in below the levels seen during March 2008. Given the rapid changes in “affordability,” I think we can likely expect some down months soon.
Buyer attitudes remained aggressive. I heard of many instances where the old “delayed presentation of offers” strategy failed to produce results, but 55% of the Saskatoon homes that were reported sold achieved selling prices that exceeded list. They knew what they wanted and they went after it hard with the average overbid exceeding $15,000. While this particular stat has been on the grow in recent weeks, it hasn’t been above 50% since the week of August 20-24.
Average selling prices went through the roof breaking a new weekly record at $312,470 compared to the previous high of $275,825. This massive increase can be explained by a smaller than normal number of sales in areas 4 and 5, while areas 1, 2 and 3 were all quite active.
- Meadowgreen bungalow at 1,070 square feet with a double garage fetches $285,000.
- River Heights one-bedroom apartment (624’) goes for $161,000.
- Lakewood Pine Creek town house breaks a new record for this development at $285,000.
- Caswell Hill one and one half storey in really rough shape and listed at $99,900 sells $63,000 over list.
- Varsity View bungalow (1,080’) with no garage brings seller over $411,000.
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Royal LePage Vidorra