Saskatoon real estate: Week in review (May 12-16 2008)

Saskatoon real estate: Week in review (May 12-16 2008)

This past week produced the second highest number of new residential listings this year with a total of 244 properties offered up for sale including 162 single-family homes and 67 condos. Total active listings available on the Saskatoon real estate market now sits at 1,051 units, the highest level that I can recall in the past 15 years. Last year, at this time, we were celebrating as active listings briefly broke the 300 mark. Based on weekly sales at that time, we barely had a two-week supply. Today, we easily have enough property to satisfy demand for about two months, even if another home wasn’t offered for sale during that time. It’s a different market indeed.

Total recorded unit sales came close to the 100 mark and settled at 89 in the single-family and condominium categories, up just a smidge from last week, and down from 154 units during the same week last year. Given the diminished demand and the growing number of active Saskatoon home listings, sellers have about a one in fourteen chance that their property will make the “sold” category by the end of next week. Just a few months ago, you had enough market clout to name the place and the time of the sale. If your home has been on the market for more than three weeks, your price is too high and you’re headed toward an expired listing without an adjustment to your price. Again, it is a different market today.

Remarkably, the percentage of Saskatoon homes that sold above the asking price took a pretty solid jump from around 15% last week, to 26% this week. The average overbid also increased and crossed the $10,000 mark for the first time in four weeks. Last year at this time, 75% of the homes sold went above list price by an average of $27,000.

In spite of rising inventories and lackluster sales, the average selling price of a Saskatoon home hit a new high this week at $326,544. The average was skewed significantly higher by one remarkable residential sale that recorded a price of almost $1.8 million dollars. Remove that sale from the equation and the average is closer to $310,000. On the average, selling prices stayed below list prices for the fourth consecutive week, but again, the difference was marginal given the expanded options that exist for Saskatoon home buyers.

Saskatoon real estate: Week in review (May 12-16)

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Norm Fisher
Royal LePage Vidorra

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