Saskatoon home buyers may have been busy this week, but they definitely weren’t busy trying to buy a home. For the first time in a long time, activity fell flat and new listings were either not noticed or met with indifference. Sellers continued to list their Saskatoon real estate, but the buyers didn’t come. Many good listings lingered on the market all week with no showings and delayed offer presentations came and went like nobody cared. One well respected veteran with a few decades of experience and about a dozen really good listings said, “I don’t ever remember it feeling so slow.” Perhaps it just feels “so slow” because we’ve been running 15 hours a day, seven days a week for the past six months, but this week was different.
It remains to be seen whether this lull is simply a glitch or if our “suddenly” has arrived. After all, it is almost time for school and the summer is getting short, but let’s face it, this week was not an ideal one to spend at the lake.
You won’t be able to see it in this week’s numbers. Keep in mind that while the listing numbers show us what came on the market between Monday and Friday, the “sales” are actually recorded as they firm up and are reported to our MLS®. Many of the units showing up on this week’s report would have been transacted the previous week. The results of this week’s buyer hiatus will show up in the next “Week in review.” Unless Saskatoon homes buyers come out in droves next week, scooping up inventory and writing unconditional offers, we may just see our lowest unit sale numbers this year. Here are this week’s numbers.
Here are just a few of the highlights as I see them.
- This week saw the highest number of new Saskatoon real estate listings as compared to any other week this year.
- The “average overbid” dropped to its lowest level since the week of March 26-30.
- Total active listings in the “residential” category reached 558 units, the highest number we’ve seen at the end of any week this year.
Predictions for the coming weeks
- Say goodbye to “delayed presentation of offers.” Sellers are well advised to be willing to entertain an offer when a buyer is ready to make one.
- Watch active listing inventory approach the 700 mark over the next couple of weeks.
- Some investors will say “I’m out” and we’ll start to see more condos and entry level homes come back on the market. These units can probably get some traction because of the terribly bleak rental scene but buyers in these categories will have more options.
- Sellers who are three to four weeks behind in the Saskatoon real estate news will begin to hate their agents again. 🙂
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.
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Royal LePage Saskatoon Real Estate