New listing activity softened some this week as 179 single-family homes and condominiums were offered up for sale on the Saskatoon real estate market, finishing under 200 for the first time in five weeks. A similar softening occurred in the sales column with just 69 residential properties changing hands including 61 houses and condos, the lowest level of sales recorded for any week since January 14-18. With just 260 sales recorded for May, and just one week remaining in the month, it’s clear that unit sales will be off significantly from May, 2007 when they reached 500 units.
Total active listings reached a new high at 1,125 residential units. At present, there are 715 single-family homes (houses) and 315 condominiums available to Saskatoon home buyers.
Overbidding returned to the lower levels we’ve seen in recent weeks with just 9 properties (14.75%) recording sale prices above the asking price. A full 75% of home buyers were able to negotiate with their chosen seller to the tune of about $11,000 on average. This is the first week where the average underbid crept above $10,000 and the second largest average since we started recorded underbidding last August.
The gap between list price and selling price continued to widen.While the average selling price remained pretty strong at $295,238, nearly 20% higher than it was at this time last year, sellers are starting to get the message that the market has softened. So far in May, 241 price adjustments have been processed on the local multiple listing service.
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Royal LePage Vidorra