The active listing inventory of Saskatoon homes for sale inched higher again for the eighth consecutive week. 131 new residential listings were offered for sale while only 81 actually traded, leaving a total of 429 homes displaying the active status. This is probably the highest number that we’ve seen so far this year but it’s still well below the levels which would be required to bring balance to a heated market. Over the last number of years we have typically operated with 600 to 700 active residential listings.
In spite of a growing number of listings offered in the Saskatoon real estate market, overbidding continued to occur in a little better than 60% of the recorded sales, but the average overbid was down about 20% from the previous week.
While I’m not in a good position to dig a lot deeper on this point right now, my initial glance at the numbers leads me to believe that there are more properties trading closer to the asking price ($100-$10,000) than there have been in previous weeks. In most areas the average overbid is skewed upwards by a few extraordinary sales, like a Lawson heights condo listed for $199,900 and selling for $285,000. Buyers will want to take some care in the “bidding” process and not get carried away. Many smart minds are expressing great concern about affordability of Saskatoon homes and if inventory continues to grow this market may be seeing its peak for the time being. (See last week’s review for some great insights from our readers and the media).
Forest Grove apartment (1,070’) sells for $220,500.
Silverspring bungalow (1,040’) on a busy street goes at $341,000.
North Park bungalow (792’) with a double detached garage brings $232,500.
Showy Lawson Heights bi-level (1,120’) without a garage sells at $345,000.
Confederation Park two-storey (1,364’) with a double detached garage fetches $275,000.
Thanks to all the readers and commenter’s on last week’s review for carrying the ball this past week.
I have been away on vacation and won’t return to Saskatoon for another week. I’ve been checking in from day to day but I’ve had little time to participate in the discussion. With so many hours spent away from home over the first half of this year, we’re trying to get caught up and keep our minds focused on family. She was gracious enough to “go shopping” for a couple of hours today so I could prepare this week’s review. Again, thanks so much! I really do appreciate your participation and the additional information and insight which you bring to the review.
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.
Follow our daily updates on Twitter @SaskatoonHomes.
Royal LePage Saskatoon Real Estate