I am officially declaring an end to the Saskatoon real estate “boom.” :)
It’s not like it was a terrible week for real estate sales, or for sellers of Saskatoon homes. Unit sales were up over the previous week with 63 houses and condos changing hands. The average list price of the homes which did sell reached an annual high of $264,430 and average selling prices were also among the highest recorded at $259,990. It’s looking almost certain that October will produce a new “average price” high with month to date sales coming in at a whopping $266,000, up sharply from $241,537 in September.
On the other hand, it appears likely that October may see a decrease in total unit sales when compared to October, 2006. There’s no question that decreased demand and increased supply is providing active buyers with more options and less competition in the Saskatoon market. Total active residential listings closed the week at a new high for the year (and last year); 675 units.
Most notable though was the sharp decline in aggressive overbidding. A full 70% of the homes which sold last week went for less than the asking price, and by $7,658 on average. Only 13% sold above the list price which is almost half as many as the previous low. The decline was sharpest in areas 1, 2 and 3 where only 3 of 38 sales managed an above list selling price. The average overbid declined to its lowest level since the week of February 26 at just $7,150.
So while it may not say “boom,” it’s certainly not a bust. To me, current activity levels look pretty typical of what we normally expect of October in Saskatchewan.
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.
Norm Fisher Royal LePage Vidorra