Following a painfully slow week for the Saskatoon real estate market, residential unit sales bounced back with 58 properties trading hands, including 57 condos and single-family homes.
New listing activity remained strong with a total of 165 residential properties hitting the market including 115 single-family homes and 40 condominiums. Total residential listings crept higher once again to settle at 1,737 units. 1,086 of those properties are single-family homes and 539 are condominiums. The balance of available units includes semi-detached, duplexes, mobiles and vacant lots.
93 sellers canceled or withdrew their listing from the multiple listing service and 69 of those homes re-entered the market disguised as a new listing. An additional 162 houses and condos were reduced in price through the week and all but a few of the re-listed properties saw a change to their pricing strategy at the same time.
Average sale prices took a large increase jumping to $312,978 from $285,435 last week. Prices came in higher in three of the five major Saskatoon real estate trading areas, but the increase was most notable in area 1 where four sales above the $600,000 mark (two above $800,000) pushed the average higher.
Overbidding made a small comeback this week with three units reporting final sale prices which exceeded the listing price. That’s the largest number in several weeks. The average overbid of $5,700 was also at its highest point since the week of July 7-11. The majority of home buyers (53) managed to negotiate a price below asking with an average discount of $12,059, just slightly lower than last week.
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Norm Fisher
Royal LePage Vidorra