The Saskatoon real estate market took its biggest leap towards “balance” this week as new listings of houses, condos and duplexes outnumbered sales by nearly two to one. A total of 126 new listings came on the market while just 66 homes found new owners. This week’s numbers brought more changes than I can recall seeing since I wrote the first post which became the “Week in review” back on February 17, 2007.
Here are a few of the highlights.
- The percentage of homes which sold above the list price fell to 35%, the lowest level since the week of February 19-23.
- The average overbid dropped 36% from last week to $9,335 reaching its lowest point since the week of February 26-March 2.
- The average underbid was actually larger than the average overbid in four of the five Saskatoon real estate areas.
- For the first time since the week of February 19-23 the average selling price of a Saskatoon home was lower than the average list price.
- Total active residential listings reached their highest level this year at 591 units.
- 19 sellers called it quits by withdrawing from the market and another 10 listings expired without a sale.
If you compare this week’s numbers to any other week between 1993 and 2006 you couldn’t help but think that the Saskatoon real estate market is really on fire. When compared to almost any other week in 2007 it starts to feel a little soft around the edges.
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