Saskatoon real estate: Week in review (March 30–April 4 2008)

Saskatoon real estate listing inventories grew again for the fourth consecutive week, this time rather substantially, as 197 residential listings were added to the Multiple Listing Service database. At the close of a week that saw the greatest number of new listings since we started our weekly reviews, total active listings were up from 470 units last week to 543 units including 344 single-family homes (houses) and 149 condominiums. An additional 49 MLS listings appear in the conditional sales category.

Sales remained brisk with 92 homes reported as sold. Nearly two-thirds of the sales activity occurred on Saskatoon’s east side, skewing average selling prices to their highest point on record, $319,639. It should also be noted that there were three sales recorded above the $800,000 mark, which boosted the average further. These three sales essentially push the average price up nearly $25,000.

Overbids were less frequent once again with only a third of homes sold reporting prices which exceeded list price, but the average overbid did makes some small gains over last week, reaching its highest point this year at $17,491. During the same week last year, 70% of homes sold went above the asking price by nearly $21,000 on average. At that time, there were just over 250 homes for sale including properties that were conditionally sold. It’s a different market indeed.

Notable sales

• Briarwood two-storey under construction (2,450’) goes over by $98K to sell at $898,000.
• Wildwood apartment, 810 square feet sells $20,000 over at $198,000.
• Nutana apartment, 915 square feet sells for $307,500.
• Avalon bungalow, 860’ with a single garage sells $25K over list at $315,000
• Haultain bungalow, 785’ with a single garage brings $272,500
• Nutana area two-storey, just under 2,100 square feet fetches $875,000.

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.

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Norm Fisher
Royal LePage Vidorra