What is up with the Saskatoon condo market? One and two-bedroom apartment-style condos have been flying off of the market at an unbelievable rate. The price change is almost mind-boggling for a market that has become accustomed to annual price increases limited to the 4%-7% range.
I met with a young guy on January 9. He’s finishing his final year at the University of Saskatchewan and will soon be ready to sell his condo which is located on the east-side. It’s a 2 bedroom unit of approximately 700 square feet. Back in January, we were discussing a list price of around $85,900 but at the time he was at least two months away from listing the home. He emailed me yesterday wondering what has been happening in the condo market and he asked if there has been any change in the value of his home. I responded by telling him I felt pretty confident that we could market it at $110,000 today. He promptly emailed me back for a head check.“Let’s make sure we’re on the same page here Norm. I’m the guy…$85,900.”
Well, here’s a little recent history of what’s been happening in the condo market.
On January 9, I helped a young woman purchase a two-bedroom condo at Shorebird Watch for $91,500.The following day, the price on those units went up to $96,500.A number of price increases were implemented over the next few weeks. By February 6 the price for these homes had reached $107,900.The last of those condos have been sold. On the morning of February 4, I listed a small condo on Kingsmere Boulevard for $102,900, which at the time was competitive with the Shorebird Watch prices. After doing a little pre-promotion we went to the market on the morning of the 6th, showed the unit 23 times (that day) and by the end of a long day, my seller and I were reviewing a stack of offers. The winning bid was $113,000. Last week, my good friend Sean Wilson (as good a friend as one can be given the fact that we’ve never actually met in person) from Remax listed a 755 square foot condo on Wollaston Crescent for $114,900 and while there are still some conditions on the agreement which prevent the price from being published, I’m confident that it likely sold for the asking price, if not above. Wow!
Take a look at the Pine Creek townhomes (no longer available). At the beginning of the year, you could purchase one of the base entry-level units for $144,400.Those same homes are selling today at $199,400, a thirty-eight percent increase in just two months' time.
These particular homes all provide a pretty good overview of what’s going on in the Saskatoon real estate market. When you have what are essentially the same units selling repeatedly at progressively higher prices you can’t help but feel like you’re in Calgary or Edmonton.
I’m always happy to answer your Saskatoon real estate questions.
Royal LePage Vidorra