Before I get started here, let me just mention that the Saskatoon Region Association of REALTORS® launched a new MLS® system on Tuesday of last week. While it wasn’t without its glitches the roll out was pretty smooth. One of the hiccups that did occur caused some problems with entering sales, and as of Friday, no sales had been entered since 02/28. The problem was remedied late Friday and I noticed that a good handful of sales were entered over the weekend. That activity seems to have stopped, so I’m assuming that the job is complete and up to date, but it’s possible that some are still missing. I’ll be following up over the next couple of days and will make the necessary adjustments for the sake of historical accuracy should some changes occur.
Residential listing activity was very strong over the first week of March with a total of 155 single family homes (houses) and condos offered for sale. Total active listings finished the week at 369 units, which I’m sure will strike you as low, given the heavy listing activity. The new MLS® system separates properties which have pending sales from the actives. There were an additional 63 homes in the pending sale category. Grouped with the other active listings, that’s a total of 432 residential properties so it appears that inventory has seen a pretty good increase from the 370 homes we reported as active the previous week.
At the same time, unit sales came in softer than last week with just 78 properties reported sold, down from 92, and also down just a smidge from the same week last year which counted 82 sales.
The percentage of sales which were subject to overbid activity was up once again, but the average amount over list saw a fairly big decline from $14,797 to $11,229. The average selling price of a Saskatoon home slipped up over the $275K mark for the second time this year. The average selling price for this week last year was just under $190,000.
- Forest Grove apartment (890’) sells 14K above list price at $203,333.
- Forest Grove bungalow (900’) with no garage goes $21K over at $300,700.
- Lakeview two-storey split (2,150’) fetches 43K above list to sell at $559,900.
- Exhibition area condo (678’) brings $198,000.
- Mount Royal bungalow (970’) on a busy street, nor garage, $271,500. Wow!
- Confederation Park bungalow (1,040’) with no garage goes $25K over at $270,000.
I’m always happy to answer your Saskatoon real estate questions.
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Royal LePage Vidorra